X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-AEW Capital Management LP and Colliers ABR Inc. sell the Chelsea/Penn Plaza commercial office building located at 229-239 West 28th St., with features including high ceilings, large floor plates and abundant light and air, for $48.4 million to Joss Realty Partners LLC, a New York-City-based owner and operator of commercial properties.

Eastern Consolidated chairman and CEO, Peter Hauspurg, with Brian Ezratty, vice chairman, executive directors Eric Anton and Ronald Solarz, and Scott Ellard, director-financial services, exclusively represented the sellers. Ezratty procured the purchaser.

“This building is typical of the better commercial loft buildings in the Penn Plaza/Chelsea submarket, and its location is prime,” says Ezratty. “An added advantage, and one that drove the sale, is that by mid 2007, a big block of space totaling 80,486 sf can be made available which could help in repositioning the building as an upscale office destination.”

Just completing its transition from accommodating companies in the printing industry, 229-239 W. 28th St. now caters primarily to office-oriented users paying annual rents averaging $17.64 per sf for the upper floors, approximately half the market rate for the area, according to Eastern Consolidated. It is 85% occupied by predominantly full-floor tenants including Rodgers & Hammerstein Organization and the Fitch Group.

According to Ezratty, the new owners plan to continue to upgrade the asset and cater to more upscale loft/office users. Key tenants in neighboring buildings include Martha Stewart Living, the Swedish Institute, Costas Kondylis Architects, Stella Adler Studios, the Fashion Institute of Technology and Der Skutt Architects.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.