The Real Deal New York

Walter & Samuels chair buys 516 Eighth Avenue for $25M

David Berley said he has wanted to buy the three-story building since the 1960s

April 01, 2016 03:20PM

516-Eighth-Berley

From left: 516 Eighth Avenue in the Garment District and David Berley

David Berley, chair of real estate firm Walter & Samuels, closed on the purchase of 516 Eighth Avenue in the Garment District for $25 million.

The three-story, 7,500-square-foot building contains 2,000 square feet of retail and 5,500 square feet of storage space, according to PropertyShark.

“I have wanted to buy this building since the 1960s,” Berley said in a statement to the Commercial Observer. “This neighborhood will realize significant rent growth in the future.”

According to CoStar, the building, located between West 35th and 36th streets, is fully leased.

Meridian Investment Sales’ Abie Kassin, Lipa Lieberman and David Schechtman represented the seller, investor Jeffrey Spitzer, according to the Observer.

In October, Berley purchased a 35.5 percent interest for $115 million from SL Green at 315 West 36th Street between Eighth and Ninth Avenues, Real Estate Weekly reported. Co-working giant WeWork signed a 15-year lease in April 2015 at the 17-story building, taking 136,118 square feet.

Walter & Samuels also owns nearby 500 Eighth Avenue, which it bought in 1996 for an undisclosed amount, the Observer reported. [CO]Dusica Sue Malesevic 

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