Brian Ezratty, vice chairman and principal of EasternConsolidated, tells GlobeSt.com that the sellers are four familymembers scattered across the country; however; he could not providefurther specifics. He adds that the reasons for selling are simply"to raise some cash."

Ezratty also tells GlobeSt.com that there have been severaloffers already, with most interested buyers attracted to "the hotarea." Ezratty adds that "in addition to the stellar location ofthe this property, close to both Grand Central Terminal and PennStation, it will be directly and positively affected by therecreation of the Farley Post Office Building, the extension of theNo. 7 subway line, the expansion of the Jacob Javits ConventionCenter and the general redevelopment of the entire Penn Plaza andHudson Yards area."

Annual rents at 29 W. 36th St. average $19.68 per sf for theupper floors, approximately half of the market rate for the area,according to Eastern Consolidated. The ground-floor tenant paysjust over $41 per sf, which is also only 50% of the market. Inaddition, the second floor could soon become available, in additionto other lease expirations, so that a prospective purchaser couldpossibly immediately occupy one floor for its own use.