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

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

TRD 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
Joseph Chetrit and 98 Montague Street in Downtown Brooklyn (Credit: Getty Images and Google Maps)

Chetrit Group lands $112M refi for Hotel Bossert project

Clockwise from left: 135 S. Lasalle, 115 S. Lasalle, 400 S. Lasalle (Credit: Google Maps)

Chicago office landlords must solve a 2M sf problem before it’s
too late

In the third quarter of 2019, nine sales totaling $587 million closed in the central business district (Credit: iStock)

Chicago’s ice-cold office market is finally heating up. But don’t get too excited

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

Jacob Chetrit buying Daily News building from SL Green for $815M

The Department of Citywide Administrative Services is cutting workstation sizes from 6 feet by 8 or 10 feet to 6 feet by 6 feet (Credit: iStock)

Do you work for the city? Then your cubicle is about to get smaller.

(Credit: iStock)

Milan’s rising rent, office space shortage sparks investing spree

(Credit: iStock)

Office rents in U.S. are going up — barely

London’s office market has proven to be surprisingly resilient (Credit: iStock)

Brexit is no longer slowing down London office developers

arrow_forward_ios