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.

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