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Vanbarton Group to sell Studio Square for $70M
WeWork leases 56,000 square feet at the Astoria building
The Vanbarton Group, formerly Emmes Asset Management, sold the former Astoria warehouse known as Studio Square, banking nearly $70 million.
The building, at 35-37 36th Street, famous for its ground floor beer garden, is mostly occupied by co-working giant WeWork, which signed a 15-year lease for 56,000 square feet at the building. The Miami Ad School occupies the remainder of the 66,000-square-foot structure.
The buyer in the deal is currently only identified as a Brooklyn-based real estate family, the New York Post reported. The sale is expected to close next year.
The Vanbarton Group, a real estate investment firm led by Gary Tischler and Richard Coles, changed names over the summer. Around that same time, the group paid $270 million for the ground lease at the 450,000-square-foot 31 Penn Plaza in Midtown. Savanna was the seller.
WeWork also signed its lease in July. [NYP, fourth item] – Ariel Stulberg