{"id":1004195702,"date":"2017-11-01T04:32:03","date_gmt":"2017-11-01T12:32:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004195702"},"modified":"2022-12-08T11:58:01","modified_gmt":"2022-12-08T19:58:01","slug":"atco-migdal-jv-snags-nyc-office-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/atco-migdal-jv-snags-nyc-office-high-rise\/","title":{"rendered":"ATCO-Migdal JV Snags Manhattan Office High-Rise"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"240-246<\/a>

240-246 West 35th St. in NYC<\/p><\/div>\n

ATCO Properties & Management has formed a joint venture with Israeli-based\u00a0Migdal Group\u00a0on the shared ownership of 240-246 West 35th\u00a0St., an 18-story office building in the Garment District.<\/p>\n

Under terms of the partnership, ATCO will retain a 51 percent majority ownership interest in the property, while Migdal will hold the remaining 49 percent interest.\u00a0<\/p>\n

\u201cAs part of our growth objective, we\u2019ve been seeking institutional partners with a shared mindset,\u201d <\/em>Neil Adamson, ATCO Properties & Management\u2019s senior vice president, told Commercial Property Executive. \u201cMigdal\u2019s investment approach aligns very well with our New York City investment thesis, and we are excited about this partnership.\u201d<\/em><\/p>\n

The 165,000-square-foot building boasts a tenant roster of Cablevision-owned media group Newsday; leading fashion design Jason Wu; award-winning men\u2019s fashion and eyewear designer Thom Browne; technology company Fidelus Technology; the Spanish American Institute; and high-end bridal designer Reem Bridal.<\/p>\n

ATCO originally acquired the Manhattan office building<\/a> in December of 2016 for $108 million, which was its first purchase in the Garment District and the 12th acquisition in ATCO\u2019s City Center Real Estate Program since 2012.<\/p>\n

\u201cWe are core-plus value-add owner\/operators in New York City and from the onset, we thought the property was quite attractive,\u201d <\/em>Adamson said. \u201cThe property needed some deferred maintenance and we believed it would benefit from a lease-up program that we are well positioned to implement given our vertically integrated platform. For us, the opportunity was perfect and allowed us to do what we believe we do well.\u201d<\/em><\/p>\n

Since that time, ATCO has completed numerous capital improvements in the building, including renovating the lobby, upgrading the common corridor, improving the tenant relationship service and making sidewalk improvements. Currently, an elevator upgrade\/modernization is underway.<\/p>\n

Surging Midtown West location<\/strong><\/h2>\n

The property is ideally situated in the heart of 35th Street, between 7th & 8th Avenues, and just steps away from Penn Station and Herald Square.\u00a0<\/p>\n

\u201cThe building also has unique attributes that we simply could not ignore. It is in the path of growth in New York City and also where we believe a major shift of the center of gravity of New York City is moving,\u201d <\/em>Adamson said. \u201cIt is probably from a public transportation perspective, better located than many other buildings in Manhattan. Additionally, you\u2019re less than 10 minutes away in any direction from major commuter lines coming out of Westchester, Long Island and New Jersey. You have access to almost the entire New York City subway system, Penn Station, Grand Central and Port Authority is only a few blocks away.\u201d<\/em><\/p>\n

ATCO presently owns and manages more than 35 buildings ranging from high-rise office and residential towers to one-story industrial structures and high tech flex buildings, including notable Manhattan properties such as 555 Fifth Ave., 40 Central Park South, 41 West 58th St., 630 Third Ave., 381 and 373 Park Ave. South.<\/p>\n

Image courtesy of ATCO Properties & Management<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 18-story building is situated in the Garment District, just steps away from Penn Station and Herald Square. Fashion designers Jason Wu, Thom Browne and Reem Bridal, along with media group Newsday, are among the property\u2019s tenants. <\/p>\n","protected":false},"author":451,"featured_media":1004195715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[38152,38151],"class_list":["post-1004195702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-atco-properties","tag-migdal-insurance-company"],"acf":[],"yoast_head":"\nATCO-Migdal JV Snags Manhattan Office High-Rise - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/atco-migdal-jv-snags-nyc-office-high-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ATCO-Migdal JV Snags Manhattan Office High-Rise\" \/>\n<meta property=\"og:description\" content=\"The 18-story building is situated in the Garment District, just steps away from Penn Station and Herald Square. 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