The Real Deal New York

Lincoln Property shopping Garment District office building

17-story, 208K sf property could sell for $125M: sources

October 29, 2015 11:40AM
By Mark Maurer Twitter_logo_blue copy

Lincoln Property

From left: 250-256 West 39th Street in the Garment District, Lincoln Property’s William Hickey and JLL’s Jon Caplan

Lincoln Property Company is looking to sell a 17-story Garment District office building at 250 West 39th Street, sources said. The property could fetch nearly $125 million, or $600 per square foot.

A JLL team led by Jon Caplan is marketing the 208,000-square-foot Art Deco property, located between Seventh and Eighth avenues, as a long-term investment opportunity, according to insiders.

Lincoln Property, a Dallas-based investment firm, bought it in 2007 from L&L Holding for $93.5 million, records show.

Caplan declined to comment, while representatives for Lincoln Property couldn’t be reached.

Built in 1926, the property is almost fully leased, with tenants such as suitcase manufacturer Tumi and fashion brand Harris Dolbee, which has a showroom there. Asking rents for office space are in the $40s per square foot. Café Kabila occupies the ground-floor retail space.