Tony Malkin is shuffling the deck of his property portfolio, one constructing at a time.
Empire State Realty Belief is advertising 1359 Broadway on the market, the Industrial Observer reported. A supply acquainted with the itemizing advised the publication that the 22-story, 486,000-square-foot property might go for $225 million, which might work out to $463 per sq. foot.
The client would personal the straightforward price curiosity of the Garment District workplace property, which is on the nook of Broadway and thirty sixth Road. There’s additionally no debt hooked up to the property, which might be a persuasive issue for any purchaser.
The property is 95 p.c leased to a tenant roster that features SLCE Architects, Braven and up to date addition Infinium Wall Techniques, which simply signed a 30,000-square-foot lease. Retail tenants, in the meantime, embrace Wolfgang’s Steakhouse and a Japanese restaurant.
A Newmark staff together with Adam Spies, Josh King and Adam Doneger is main the property’s advertising. ESRT didn’t instantly reply to the Observer’s request for remark.
It’s been an aggressive season of wheeling and dealing for Malkin’s actual property funding belief, which has been transferring to diversify its portfolio away from workplace buildings into areas like multifamily and retail.
Final month, the agency acquired the land beneath two Midtown properties — 111 West thirty third Road and 1400 Broadway — from developer Charles Cohen for $110 million. ESRT was already the leaseholder for the pair of buildings.
In April, Igal Namdar’s Namdar Realty Group entered into contract to purchase the 540,000-square-foot workplace constructing at 250 West 57th Road from Empire State Realty Belief for about $280 million, a purchase order worth considerably decrease than the $350 million ESRT had been asking for the property earlier this 12 months.
And on the finish of final 12 months, ESRT signed a deal to buy the Scholastic Building in Soho from its namesake proprietor for $386 million.
Learn extra
Charles Cohen continues mad dash for cash
Igal Namdar buying ESRT’s 250 West 57th Street for $280M
Empire State Realty buying Scholastic Soho building for $386M
