Lincoln Property shopping Garment District office building

17-story, 208K sf property could sell for $125M: sources

TRD New York /
Oct.October 29, 2015 11:40 AM

Lincoln Property Company is looking to sell a 17-story Garment District office building at 250 West 39th Street, sources said. The property could fetch nearly $125 million, or $600 per square foot.

A JLL team led by Jon Caplan is marketing the 208,000-square-foot Art Deco property, located between Seventh and Eighth avenues, as a long-term investment opportunity, according to insiders.

Lincoln Property, a Dallas-based investment firm, bought it in 2007 from L&L Holding for $93.5 million, records show.

Caplan declined to comment, while representatives for Lincoln Property couldn’t be reached.

Built in 1926, the property is almost fully leased, with tenants such as suitcase manufacturer Tumi and fashion brand Harris Dolbee, which has a showroom there. Asking rents for office space are in the $40s per square foot. Café Kabila occupies the ground-floor retail space.

Related Articles


WeWork is investing again with fundraise for proptech

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Avery Hall Investments buys Gowanus development site for $44M

70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan

Jonathan Schwartz and Aaron Appel

Aaron Appel leaves JLL to launch own firm

Tom Brady, Gisele home shop in suburbs, North Jersey industrial site sells for $66M & more Tri-State real estate news

HFF brokers hit the ground running at JLL in New Jersey, SALT cap hurts Lower Hudson Valley housing market & more Tri-State real estate news

216-222 West 30th Street (Credit: Google Maps)

Garment District assemblage hits the market for $60M