{"id":1004659215,"date":"2023-04-26T03:51:55","date_gmt":"2023-04-26T11:51:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004659215"},"modified":"2023-05-02T07:38:54","modified_gmt":"2023-05-02T15:38:54","slug":"manhattan-office-asset-trades-for-78m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-trades-for-78m\/","title":{"rendered":"Manhattan Office Asset Trades for $78M"},"content":{"rendered":"
\"37<\/a>

37 W. 57th St. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

New York-based Sedesco <\/strong>has acquired 37 W. 57th St., an 80,000-square-foot office building in Manhattan\u2019s Plaza District. Hodges Ward Elliott <\/strong>facilitated the $77.5 million transaction on behalf of the seller, a private investor.<\/p>\n

Augenbaum Realty Corp<\/strong>. President Josh Augenbaum represented the buyer, who acquired the asset through a fee-simple interest transaction. The property last changed hands in 1996 for $13 million, according to CommercialEdge.<\/p>\n

The 13-story office building was originally completed in 1923 and underwent cosmetic renovations in 2012, the same data provider shows. 37 W. 57th St. has the potential to be further developed<\/a>, as there are no height restrictions on the site, which can accommodate more than 85,000 square feet of construction.<\/p>\n

Moreover, the property falls within a transit approval zone, which enables improvements for additional developable floor space. Voga Trading Co., Intercos Group, Bogal & Kahn and Edward Tyler Nahem Fine Art are among the property’s tenants.<\/p>\n

Hodges Ward Elliott Managing Directors Anthony Ledesma and Paul Gillen, along with Vice President Allie Boyan worked on behalf of the seller.<\/p>\n

The latest CommercialEdge report<\/a> shows that during the first quarter of this year, Manhattan recorded an office transaction volume of $417 million, with assets in the borough trading for $1,000 per square foot, the highest price among all major markets. 37 W. 57th St. sold for $968.75 per square foot, slightly below the market average.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hodges Ward Elliott facilitated the sale of the century-old building.<\/p>\n","protected":false},"author":3030,"featured_media":1004659217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[38787],"class_list":["post-1004659215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-hodges-ward-elliott"],"acf":[],"yoast_head":"\nManhattan Office Asset Trades for $78M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"New York-based Sedesco has acquired 37 W. 57th St., an 80,000-square-foot office building in Manhattan\u2019s Plaza District.\" \/>\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\/manhattan-office-asset-trades-for-78m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Asset Trades for $78M\" \/>\n<meta property=\"og:description\" content=\"New York-based Sedesco has acquired 37 W. 57th St., an 80,000-square-foot office building in Manhattan\u2019s Plaza District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-trades-for-78m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-26T11:51:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-02T15:38:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/37-W.-57th-St.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-trades-for-78m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-trades-for-78m\/\",\"name\":\"Manhattan Office Asset Trades for $78M - 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