Koreatown office building changes hands for $55M

New York /
Jan.January 17, 2014 03:44 PM

A 113,000-square-foot commercial building  in Koreatown that houses a Citibank branch has sold for $55 million, according to property records filed with the city yesterday.

The 17-story, 14-unit commercial property at 22-26 West 32nd Street, between Fifth and Sixth avenues, features 12,000 square feet of retail and 101,000 square feet of storage and office space. The Forest Hills, Queens-based buyer of the building operates as Montague Lee 32 LLC, or Lee Roosevelt Thirty Eight, according to property records.

The seller, Charles Glogower of Great Neck, N.Y.-based Imperial Investing Corporation, acquired the site from the New York Telephone Company – now owned by Verizon – in 2000.

Both the buyer and seller declined to comment. The broker on the deal is unknown.

Koreatown and its Korean-themed business traditionally span 32nd Street between Broadway and Fifth Avenue, but has expanded slightly to neighboring streets in recent years in order to satisfy rising demand within the retail market there. Korean establishments that have opened off the traditional stretch are said to be less authentically Korean, and in some cases, more expensive, as previously reported.

Elsewhere On 32nd Street, Vornado Realty Trust completed a $330 million refinancing last year of 150 West 32nd Street across from Madison Square Garden.


Related Articles

arrow_forward_ios
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
Divco's Stuart Shiff and 540 Madison Avenue (DivcoWest, 540 Madison, Getty)
DivcoWest lands Japanese watch company at 540 Madison Avenue
DivcoWest lands Japanese watch company at 540 Madison Avenue
43 Greenway Terrace in Forest Hills (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow)
TRD Pro: Queens’ top 10 neighborhoods for Q3 home sales
TRD Pro: Queens’ top 10 neighborhoods for Q3 home sales
JLL’s Bob Knakal and Jonathan Hageman with 245 West 55th Street (JLL, LoopNet)
Oscar-winning film lab selling Midtown property after 100 years
Oscar-winning film lab selling Midtown property after 100 years
355 West Broadway and Bridge Investment Group’s Teresa Mireles Hough (Loopnet, Bridge Investment Group, Getty)
Bridge buys in Soho, Slate in Gowanus in quiet week of i-sales
Bridge buys in Soho, Slate in Gowanus in quiet week of i-sales
A photo illustration of 101 West 57th Street (Getty, LoopNet)
Restaurateur firing up dormant space in Midtown’s Quin hotel
Restaurateur firing up dormant space in Midtown’s Quin hotel
Falcon Properties' Florencia Masri and 1030 Sixth Avenue (Falcon Properties, Google Maps, Getty)
Owner seeks $75M for dev site near Amazon’s Midtown office
Owner seeks $75M for dev site near Amazon’s Midtown office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...