The Real Deal New York

ELO picks up two Garment District office buildings for $37M

Seller is an affiliate of Great Neck developer Noorollah Asherian

July 15, 2016 01:00PM
By Katherine Clarke

and 144 West 37th Street

40 West 38th Street and 144 West 37th Street in the Garment District

The ELO Organization, an active acquirer of office buildings in the Garment District, nabbed two more to add to its growing portfolio.

The real estate investment firm led by Jack Elo paid $37.3 million for the properties, at 40 West 38th Street and 144 West 37th Street. The seller was an entity affiliated with Great Neck developer Noorollah Asherian, property records show.

Together, the two properties total approximately 27,000 square feet, pegging the price per square foot at around $1,400 for the existing buildings, according to PropertyShark. The transaction also includes 18,000 square feet of additional development rights.

While ELO’s plans for the property were not immediately clear, the company has been busy in the neighborhood in recent years and already owns adjacent buildings at 39-41 West 38th Street. A representative for ELO was not immediately available for comment.

Current tenants of the building on 38th Street include co-working company the Productive and the Painting Lounge. The 37th Street building is home to the New York Real Estate Education Center.

Jermaine Pugh and Sylvia Spielman of GFI Realty Services TRData LogoTINY brokered the transaction, representing the buyer and seller respectively. A representative declined to comment.

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