{"id":1004167316,"date":"2017-02-22T06:45:17","date_gmt":"2017-02-22T14:45:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004167316"},"modified":"2020-05-14T04:22:04","modified_gmt":"2020-05-14T12:22:04","slug":"midtown-manhattan-office-asset-changes-hands-in-83m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-asset-changes-hands-in-83m-deal\/","title":{"rendered":"Midtown Manhattan Office Asset Changes Hands in $83M Deal"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004167411\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/250-W.-54th-St.-New-York2.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004167411\" data-attachment-id=\"1004167411\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/midtown-manhattan-office-asset-changes-hands-in-83m-deal\/250-w-54th-st-new-york2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/250-W.-54th-St.-New-York2.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" 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;1&quot;}\" data-image-title=\"250 W. 54th St., New York\" data-image-description=\"&lt;p&gt;250 W. 54th St., New York&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;250 W. 54th St., New York&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/250-W.-54th-St.-New-York2.jpg?w=640\" class=\"wp-image-1004167411 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/250-W.-54th-St.-New-York2.jpg\" alt=\"250 W. 54th St., New York\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/250-W.-54th-St.-New-York2.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/250-W.-54th-St.-New-York2.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004167411\" class=\"wp-caption-text\">250 W. 54th St., New York<\/p><\/div>\n<p><strong>New York<\/strong>\u2014NGKF recently announced that it has closed the sale of 250 W. 54th St., a 145,170-square-foot loft office building in Midtown Manhattan. Zar Property NY LLC acquired the asset from Ascot Properties LP for $83.1 million. According to <a href=\"https:\/\/www.yardimatrix.com\/\" rel=\"nofollow\" target=\"_blank\">Yardi Matrix<\/a> data, the sale was subject to a five-year loan in the amount of $58 million, held by Signature Bank.<\/p>\n<p>The seller was represented by Paul Davidson and Roy Lapidus, senior managing directors of NGKF, along with NGKF Capital Markets Managing Director Chip Porter.<\/p>\n<p>Located between Broadway and Eight Avenue on a 0.3-acre site, 250 W. 54th St. was built in 1911 and underwent cosmetic renovations in 2009. The 13-story Class B property features high ceilings, a load factor of 27 percent and is situated within walking distance of four metro stations, being easily accessible.<\/p>\n<p>The new owner intends to push rents of the multi-tenant asset by implementing a creative office remake plan in order to attract not only the neighborhood\u2019s traditional tenant base, but also those in Manhattan\u2019s fast-growing technology, advertising, media and information sector. The property encompasses approximately 10,000 square feet of retail space, currently occupied by Subway, 54 Gourmet and Vandoren.<\/p>\n<p>&#8220;The building is uniquely located just steps from Broadway, Columbus Circle and Central Park,&#8221; said Davidson in a prepared statement. &#8220;Its 11- to 15-foot ceiling heights, classic copper fa\u00e7ade and exposed brick interiors present the new owners with the opportunity to create a highly-flexible creative loft office experience in a location with tremendous transit access.&#8221;<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new owner plans a complete makeover in order to attract tenants from the fast-growing technology, advertising, media and information sectors.<\/p>\n","protected":false},"author":1192,"featured_media":1004167411,"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":[32845],"class_list":["post-1004167316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-ngkf"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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