The Real Deal New York

Chetrit sells Midtown office condo at base of tower for $36M

MRP Realty, Long Wharf Real Estate Partners acquire 55K sf space

September 21, 2015 05:30PM

133 West 52nd Street

Rendering of 133 West 52nd Street in Midtown (credit: MRP Realty) (inset: Joseph Chetrit)

MRP Realty and Long Wharf Real Estate Partners teamed up to acquire a 55,000-square-foot Midtown office condo for around $36.3 million.

The commercial condo is located at the base of Joseph Chetrit’s new 47-story residential condo tower at 135 West 52nd Street, which is currently being developed.

The space, acquired from Chetrit, spans the building’s second through sixth floors and will feature its own entrance and lobby on the ground floor — as well as its own address of 133 West 52nd Street.

Office tenants renting space in the commercial condo will have access to some of the same perks as condo owners in the building, such as its gym and roof deck, according to Crain’s.

Chetrit and fellow investor David Bistricer purchased 135 West 52nd Street, formerly the Flathotel, for $180 million in 2013. The developers have since gut-renovated the property into a 109-unit luxury condo tower, which is almost complete.

Washington, D.C.-based MRP and Boston-based Long Wharf plan to renovate the office space with new building systems and restrooms and also install its private entrance and lobby. The partnership plans to spend up to $8 million on the work. [Crain’s]Rey Mashayekhi