ASB, Comfort & Sons buy Flatiron District building for $44M

Nine-story commercial property is third JV acquisition between two firms

New York /
Dec.December 28, 2015 02:00 PM

UPDATED, 3:50 p.m., Dec. 30: George Comfort & Sons teamed up again with Maryland-based investment firm ASB Capital Management to acquire a nine-story, 46,000-square-foot Flatiron District commercial building for just under $44 million.

The joint venture bought the building at 7 West 18th Street, located between Fifth and Sixth avenues, from Connecticut-based Scandia Realty for a purchase price of $43.75 million, according to property records filed with the city last week. The deal closed Dec. 14.

The 115-year-old commercial building houses furniture store Homenature at its ground-level retail space as well as “a variety of creative office tenants” on its upper floors, Midtown-based Comfort & Sons said in a statement.

The fully-occupied property is located in the Midtown South office district, which ranks as the tightest office market in the city and is the city’s “most popular submarket for creative companies,” Comfort & Sons president and CEO Peter Duncan said.

“The office rents are currently below market, with three full-floor leases expiring in the next 24 months, providing significant potential for increased income,” Duncan added.

ASB confirmed the transaction in a statement. Scandia Realty could not be reached for comment.

Comfort & Sons and ASB have previously collaborated to acquire a six-story Chinatown commercial building for $62 million in 2013 and a 12-story Chelsea office building for nearly $83 million last year.

Bethesda, Md.-based ASB also partnered with Chicago-based L3 Capital to acquire a portfolio of 16 Williamsburg properties for $86 million earlier this year. ASB and L3 Capital are planning residential and retail projects at the sites.

ASB’s real estate investments division currently has around $6 billion in assets under management, according to the company’s website. The firm’s New York City portfolio features 12 investments valued at approximately $1 billion, it said in a statement.


Related Articles

arrow_forward_ios
(Photo Illustration by The Real Deal with Getty Images)
Office occupancy stalls after Labor Day push
Office occupancy stalls after Labor Day push
A photo illustration of 1776 Nostrand Avenue (Getty Images, Google Maps)
Flatbush landlord sentenced in deadly space heater fire
Flatbush landlord sentenced in deadly space heater fire
Tankhouse’s Sam Alison-Mayne with 452 Union Street (Facades Plus, Google Maps, Getty)
Multifamily deals dominate strong week of NYC i-sales
Multifamily deals dominate strong week of NYC i-sales
Steve Roth and renderings of 260 11th Avenue (Getty, Profile New York)
Vornado lays out vision for Otis Elevator Building complex
Vornado lays out vision for Otis Elevator Building complex
From left: Arch Companies' Jeff Simpson and Hello Living's Eli Karp along with a rendering of 1580 Nostrand Avenue (Getty Images, Arch Companies, Hello Living)
Eli Karp’s Hello Living says goodbye to Flatbush project
Eli Karp’s Hello Living says goodbye to Flatbush project
A photo illustration of Daniel Brodsky and 75 West End Avenue (Getty Images, Google Maps)
Brodsky brings challenge to NYC Airbnb law
Brodsky brings challenge to NYC Airbnb law
(Illustration by The Real Deal with Getty)
How illegal Airbnbs slip through the cracks
How illegal Airbnbs slip through the cracks
FSA Capital’s Benjamin Clyburn and 133-09 37th Avenue in Flushing (Google Maps, Breaking Ground, Getty)
Brian Pun’s FSA Capital plans 173K sf project in Flushing
Brian Pun’s FSA Capital plans 173K sf project in Flushing
arrow_forward_ios

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

Loading...