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
MSquared's Alicia Glen, Mack Real Estate Group's Richard Mack and Association for Neighborhood and Housing Development's Barika Williams (Getty, ANHD)
Richard Mack: New York developers “made to feel like the devil”
Richard Mack: New York developers “made to feel like the devil”
Toby Moskovits with the Williamsburg Hotel (Sasha Maslov, Google Maps)
Eastdil and A&G seek to broker sale of bankrupt Williamsburg Hotel
Eastdil and A&G seek to broker sale of bankrupt Williamsburg Hotel
Empire State Realty Trust's Tony Malkin with 1400 Broadway
Burlington grows bigger at ESRT’s 1400 Broadway
Burlington grows bigger at ESRT’s 1400 Broadway
Empire State Realty Trust’s Tony Malkin and Shanae Ursini with 501 Seventh Avenue
Trading trains: Security firm jumps from Grand Central to Penn
Trading trains: Security firm jumps from Grand Central to Penn
Isaac Chetrit with 989-993 Sixth Avenue
Isaac Chetrit nears $350M loan for Midtown project
Isaac Chetrit nears $350M loan for Midtown project
Signature Bank president Joseph DePaolo in front of 1400 Broadway (Signature Bank, Google Maps, iStock)
Signature Bank picks up more space at ESRT’s 1400 Broadway
Signature Bank picks up more space at ESRT’s 1400 Broadway
New York Embroidery Studio's Michelle Feinberg and the Brooklyn Army Terminal (New York Embroidery Studio, Getty, iStock)
Garment biz leases 80K sf at Brooklyn Army Terminal
Garment biz leases 80K sf at Brooklyn Army Terminal
The Hard Rock at 159 West 48th Street, Guggenheim Investments' Scott Minerd and Extell Development's Gary Barnett (Hard Rock Hotels, Getty)
Extell lands $325M refi for Times Square Hard Rock Hotel
Extell lands $325M refi for Times Square Hard Rock Hotel
arrow_forward_ios

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

Loading...