Tall, Lean Garment Tower Trades for $56.56 M.
New York Observer reports: A Flushing-based developer has dropped $56.5 million on a slender Garment District building, according to city records uploaded today.
An entity called 38 Roosevelt Lee LLC signed the deed on Nov. 24 for 38 West 32nd Street, a commercial building that, according to CoStar, rises 16 stories and encompasses 132,844 square feet between Fifth Avenue and Broadway.
The Class C office pile, completed in 1915, last traded in 2004 for $27 million (that, folks, is a more than 100 percent mark-up).
The sale brings the tally of office building trades worth more than $2.5 million in the fourth quarter to a not-so-grand total of 10, according to Real Capital Analytics. Fourth quarter last year saw 41 such transactions.
View the full article on New York Observer: Tall, Lean Garment Tower Trades for $56.56 M.
Posted by: Nina Turner