Chetrit sells Midtown office condo at base of tower for $36M

MRP Realty, Long Wharf Real Estate Partners acquire 55K sf space

New York /
Sep.September 21, 2015 05:30 PM

MRP Realty and Long Wharf Real Estate Partners teamed up to acquire a 55,000-square-foot Midtown office condo for around $36.3 million.

The commercial condo is located at the base of Joseph Chetrit’s new 47-story residential condo tower at 135 West 52nd Street, which is currently being developed.

The space, acquired from Chetrit, spans the building’s second through sixth floors and will feature its own entrance and lobby on the ground floor — as well as its own address of 133 West 52nd Street.

Office tenants renting space in the commercial condo will have access to some of the same perks as condo owners in the building, such as its gym and roof deck, according to Crain’s.

Chetrit and fellow investor David Bistricer purchased 135 West 52nd Street, formerly the Flathotel, for $180 million in 2013. The developers have since gut-renovated the property into a 109-unit luxury condo tower, which is almost complete.

Washington, D.C.-based MRP and Boston-based Long Wharf plan to renovate the office space with new building systems and restrooms and also install its private entrance and lobby. The partnership plans to spend up to $8 million on the work. [Crain’s]Rey Mashayekhi


Related Articles

arrow_forward_ios
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
(iStock)

What doom-and-gloom forecasts miss about the office market

What doom-and-gloom forecasts miss about the office market
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
From left: 555 California Street in San Francisco, Vornado CEO Steven Roth and 1290 Sixth Avenue in Manhattan (Photos via Wikipedia Commons; Getty; Trump Org)

Vornado halts sale of office towers co-owned with Trump

Vornado halts sale of office towers co-owned with Trump
Ares Management CEO Michael Arougheti (Getty)

Ares, Regis gather $1B to join ground lease race

Ares, Regis gather $1B to join ground lease race
CBRE CEO Bob Sulentic and 70 West Red Oak Lane in White Plains (Photos via CBRE; USTA)

CBRE to shutter White Plains office, lay off 35 employees

CBRE to shutter White Plains office, lay off 35 employees
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
WeWork CEO Sandeep Mathrani (Getty)

WeWork losses continue but firm sees glimmer of hope

WeWork losses continue but firm sees glimmer of hope
arrow_forward_ios

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

Loading...