{"id":1004149016,"date":"2016-07-28T04:16:28","date_gmt":"2016-07-28T12:16:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004149016"},"modified":"2022-12-07T10:04:32","modified_gmt":"2022-12-07T18:04:32","slug":"gfi-realty-closes-sale-of-top-manhattan-office-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gfi-realty-closes-sale-of-top-manhattan-office-assets\/","title":{"rendered":"GFI Realty Closes Sale of Top Manhattan Office Assets"},"content":{"rendered":"<p><em>By Alexandra Pacurar<\/em><\/p>\n<div id=\"attachment_1004149020\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/144-West-37th-Street-1.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004149020\" data-attachment-id=\"1004149020\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gfi-realty-closes-sale-of-top-manhattan-office-assets\/144-west-37th-street-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/144-West-37th-Street-1.png\" data-orig-size=\"972,589\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"144-West-37th-Street-1\" data-image-description=\"&lt;p&gt;144 W. 37th St.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;144 W. 37th St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/144-West-37th-Street-1.png?w=972\" loading=\"lazy\" class=\"wp-image-1004149020 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/144-West-37th-Street-1.png\" alt=\"144 W. 37th St.\" width=\"300\" height=\"182\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/144-West-37th-Street-1.png 972w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/144-West-37th-Street-1.png?resize=300,182 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/144-West-37th-Street-1.png?resize=768,465 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004149020\" class=\"wp-caption-text\">144 W. 37th St.<\/p><\/div>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/gficap.com\/\" target=\"_blank\" rel=\"nofollow noopener\">GFI Realty Services<\/a> brokered the sale of two premier office buildings in Manhattan\u2019s Garment District, for $37.3 million. The properties, located at 40 W. 38<sup>th<\/sup> St. and 144 W. 37<sup>th<\/sup> St., total 27,000 square feet and offer an additional 18,000 square feet of buildable space.<\/p>\n<p>Jermaine Pugh of GFI Realty represented the buyer, the ELO Organization (according to <em><a href=\"https:\/\/therealdeal.com\/2016\/07\/15\/elo-picks-up-two-garment-district-office-buildings-for-37m\/\" target=\"_blank\" rel=\"nofollow noopener\">The Real Deal<\/a><\/em>), while Sylvia Spielman of GFI Realty represented the seller.<\/p>\n<p>\u201cThis transaction is a testament to the strength of <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/new-york\/\" target=\"_blank\" rel=\"noopener\">office product<\/a> in the neighborhood, which has experienced substantial rent growth as a result of the continued demand,\u201d Jermaine Pugh said in a prepared statement.<\/p>\n<p>Co-working company The Productive, and the Painting Lounge are among the tenants at 40 W. 38<sup>th<\/sup> St., as the other property is occupied by the New York Real Estate Education Center. The previous owner of the two buildings is currently focusing on new development opportunities in Manhattan.<\/p>\n<p>The Garment District, once known for the large number of fashion companies operating here, is now a top location for tenants in the technology, advertising, media and information sectors.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two buildings are located in the Garment District and offer 18,000 buildable square feet.<\/p>\n","protected":false},"author":236,"featured_media":1004149020,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004149016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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