Waterman, USAA buy Garment District properties for $118M

Herald Square Properties group asked $125M for buildings earlier this year

New York /
May.May 06, 2015 05:10 PM

Waterman Interests and USAA Real Estate have partnered to acquire a pair of Garment District buildings for $118 million.

An Eastdil Secured sales team is handling the sale of the two buildings, located at 142 West 36th Street and 234 West 39th Street. The two properties total 210,000 square feet.

A partnership between Herald Square Properties and the Davis Companies placed the buildings on the market earlier this year for an asking price of $125 million.

Roughly 75 percent of the leases at the two properties are set to expire within five years, according to Eastdil Secured marketing materials, while 234 West 39th Street features 30,000 square feet of available development rights for potential expansion.

The transaction reflects growing interest among investors in the neighborhoods surrounding Penn Station, Crain’s reports, with Vornado Realty Trust recently announcing plans to invest heavily in the area. [Crain’s] – Rey Mashayekhi


Related Articles

arrow_forward_ios
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Drew Isaacson, who worked on a $447M sale at The Olivia, will move from a senior vice president role at SL Green to a senior vice president at role at Eastdil. (Google Maps, LinkedIn via Drew Isaacson)
Eastdil picks up acquisitions pro from SL Green
Eastdil picks up acquisitions pro from SL Green
The building is near Herald Square and Penn Station. (Google Maps)
NYC sues Garment District landlord over tenant’s alleged prostitution activity
NYC sues Garment District landlord over tenant’s alleged prostitution activity
Photo illustration of Benjamin Lambert (iStock; Getty/Illustration by Kevin Rebong for The Real Deal)
Ben Lambert’s legacy: Eastdil founder brought Wall Street to real estate
Ben Lambert’s legacy: Eastdil founder brought Wall Street to real estate
Eastdil Secured’s Ben Lambert (Getty)
Eastdil Secured founder Ben Lambert dies
Eastdil Secured founder Ben Lambert dies
338 West 39th Street and Sam Chang (Photo via Google Maps)
Sam Chang sells Garment District hotel site for $32M
Sam Chang sells Garment District hotel site for $32M
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)
Savanna closes on Garment District office with $388M loan
Savanna closes on Garment District office with $388M loan
Roy March, Eastdil Secured CEO
Eastdil Secured makes staffing cuts
Eastdil Secured makes staffing cuts
arrow_forward_ios

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

Loading...