37 W. 57th St. Picture courtesy of CommercialEdge
New York-based Sedesco has acquired 37 W. 57th St., an 80,000-square-foot workplace constructing in Manhattan’s Plaza District. Hodges Ward Elliott facilitated the $77.5 million transaction on behalf of the vendor, a personal investor.
Augenbaum Realty Corp. President Josh Augenbaum represented the client, who acquired the asset by way of a fee-simple curiosity transaction. The property final modified palms in 1996 for $13 million, based on CommercialEdge.
The 13-story workplace constructing was initially accomplished in 1923 and underwent beauty renovations in 2012, the identical knowledge supplier reveals. 37 W. 57th St. has the potential to be additional developed, as there aren’t any peak restrictions on the location, which may accommodate greater than 85,000 sq. ft of development.
Furthermore, the property falls inside a transit approval zone, which permits enhancements for added developable flooring house. Voga Buying and selling Co., Intercos Group, Bogal & Kahn and Edward Tyler Nahem Effective Artwork are among the many property’s tenants.
Hodges Ward Elliott Managing Administrators Anthony Ledesma and Paul Gillen, together with Vice President Allie Boyan labored on behalf of the vendor.
The most recent CommercialEdge report reveals that through the first quarter of this 12 months, Manhattan recorded an workplace transaction quantity of $417 million, with property within the borough buying and selling for $1,000 per sq. foot, the very best value amongst all main markets. 37 W. 57th St. bought for $968.75 per sq. foot, barely beneath the market common.
