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31 Penn Plaza

132 West 31st Street
New York, NY 10001
Office, Leasing/Rental

With the tenants in New Yorks garment district changingmany office tenants are no longer fashion designers, but from advertising, media, architecture, and other industriesso too have the properties in that district changed hands. Look no further than 31 Penn Plaza.

Located two blocks adjacent to Penn Station, 31 Penn Plaza is an 18-story office building that has the typical loft-like features so common to the garment district buildings. Built in 1925 and renovated in 1998, the 440,000-square-foot property was sold in 2011 to New York-based real estate investment firm Savanna for $130 million, which committed $25 million to capital improvements on its lobby, entrance, and elevators. Christopher Schlank, managing partner at Savanna, said at the time that the improvements would make 31 Penn Plaza one of the upper-tier buildings in the neighborhood.

As part of its plans to upgrade the building, Savanna in late 2014 secured a $140 million loan from Morgan Stanley to refinance the property, which gives it a floating-rate financing.

-NR

  • Address 132 West 31st Street
  • neighborhood Penn Plaza
  • borough Manhattan
  • owner Vanbarton Group
  • owner entity 132 WEST 31ST STR BLD
  • Year Built 1937
  • block and lot 1-00806-0058
  • BIN 1015171
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 83,840
  • Price per foot $ 68.00
  • Publication Date 01/18/2019
  • Event Date 01/15/2019
  • Party 1 Vanbarton Group
  • Party 1 Brokerage JLL
  • Party 1 Broker Mitchell Konsker, Matthew Astrachan, Adam Haber
  • Party 2 Spaces
  • Party 2 Brokerage JLL
  • Party 2 Broker Jim Wenk, Brannan Moss, Kirill Azovstev
notes
The co-working company inked a 15-year lease for the Penn Plaza building which had an asking rent of $68 per square foot.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 20,726
  • Price per foot $ 68.00
notes
The pharmacy signed a 6-year lease for the Penn Plaza building which had an asking rent of $68 per square foot.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 6,076
  • Price per foot $ 68.00
  • Publication Date 01/18/2019
  • Event Date 01/15/2019
  • Party 1 Vanbarton Group
  • Party 1 Brokerage JLL
  • Party 2 The Credit Junction
notes
The lending platform inked a deal to expand its 3-year lease for the Penn Plaza location which had an asking rent of $68 per square foot.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 6,523
  • Price per foot $ 68.00
  • Publication Date 01/18/2019
  • Event Date 01/15/2019
  • Party 1 Vanbarton Group
  • Party 1 Brokerage JLL
  • Party 2 RevTrax
notes
The digital promotions company inked a 5-year lease for the Penn Plaza building which had an asking rent of $68 per square foot.
  • Event Financing
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 384,655
  • Price $ 168,400,000
  • Publication Date 02/06/2018
  • Event Date 01/24/2018
  • Party 1 Vanbarton Group
  • Party 2 Morgan Stanley
notes
The buyer secured a $168.4 million mortgage for the Midtown South property.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 6,228
notes
The consumer market research firm signed a seven-year lease for part of the fourth floor.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 7,417
notes
The construction management firm signed a 10-year lease for part of the fourth floor.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 20,958
  • Publication Date 12/01/2013
  • Event Date 10/22/2013
  • Party 1 Savanna
  • Party 1 Brokerage In-house
  • Party 2 Dewberry Engineers
  • Party 2 Brokerage DTZ
  • Party 2 Broker Chris Helgesen
notes
The professional services firm signed a new lease for part of the third floor.
  • Event Retail Leasing
  • Address 31 Penn Plaza
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 27,832
  • Publication Date 12/01/2013
  • Event Date 10/22/2013
  • Party 1 Savanna
  • Party 1 Brokerage Newmark Grubb Knight Frank
  • Party 1 Broker Amy Zhen, Marc Frankel
  • Party 2 Blink Fitness
  • Party 2 Brokerage Charter Realty & Development
  • Party 2 Broker Peter Levine
notes
The fitness chain signed a 15-year lease for the entire second floor and part of the ground floor.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 5,085
notes
The architecture firm signed a new lease for part of the sixth floor.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 6,822
  • Publication Date 12/01/2013
  • Event Date 10/22/2013
  • Party 1 Savanna
  • Party 1 Brokerage JLL
  • Party 1 Broker Mitchell Konsker, Matthew Astrachan, Matthew Polhemus
  • Party 2 Compass Group USA
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Tyler McNeil, Michael Burlant
notes
The food-service management firm signed a new 10-year lease for part of the sixth floor.
  • Event Office Leasing
  • Building Name Penn Com Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 42,000
notes
The architecture firm signed a new, 11-year lease to relocate to the building's entire fourth floor and part of the fifth floor, Crain's reported. The tenant is relocating from 360 Park Avenue South.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 6,822
notes
The strategic design consultancy signed a new, 10-year lease for part of the sixth floor.
  • Event Office Leasing
  • Address 31 Penn Plaza
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 4,765
  • Publication Date 08/01/2012
  • Event Date 06/22/2012
  • Party 1 Brokerage Winslow & Company
  • Party 1 Broker Brett Gartner, Joshua Winslow
  • Party 2 Search Engine Marketing
  • Party 2 Brokerage Redwood Property Group
  • Party 2 Broker David Youngworth
notes
The website management company signed a lease.
  • Event Retail Leasing
  • Address 31 Penn Plaza
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 4,000
  • Publication Date 08/01/2012
  • Event Date 06/22/2012
  • Party 1 Savanna
  • Party 1 Brokerage Newmark Grubb Knight Frank
  • Party 1 Broker Marc Frankel, Amy Zhen, Matt Cohen
  • Party 2 Pennsylvania Six
notes
The restaurant signed a long-term lease.
  • Event Sales
  • Address 31 Penn Plaza
  • Borough Manhattan
  • Square feet 444,000
  • Price $ 130,000,000
  • Price per foot $ 292.79
notes
The property sold for $130 million. The building will undergo $26 million in capital improvements to update the property and lease the available office space, Savanna said, including a new front entrance, fully renovated lobby, modernized elevators and other building upgrades and maintenance.
  • Event Office Leasing
  • Building Name Penn Com Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 100,000
  • Publication Date 09/01/2011
  • Event Date 07/23/2011
  • Party 1 C&K Properties
  • Party 1 Brokerage Cushman & Wakefield
  • Party 1 Broker Mitchell Arkin, John Picco
  • Party 2 24/7 Real Media
  • Party 2 Brokerage CBRE
  • Party 2 Broker Greg Tosko
notes
The digital marketing company signed a lease extension, converted a sublease to direct and signed a new lease for two more floors, doubling its space at the building, according to the New York Post.
  • Event Office Leasing
  • Building Name Penn Com Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 4,101
  • Price per foot $ 75.00
notes
The professional services provider signed a 10-year lease with a five-year option.
  • Event Office Leasing
  • Building Name Penn Com Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 40,670
notes
The publisher of school and library reference materials signed a lease.
  • Event Office Leasing
  • Building Name Penn Com Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 50,000
  • Publication Date 05/01/2006
  • Event Date 03/22/2006
  • Party 1 HIP
  • Party 1 Brokerage GVA Williams Real Estate
  • Party 1 Broker Brian Givens
  • Party 2 Scientific Application International
  • Party 2 Brokerage Staubach Company
notes
The research and engineering firm took the entirety of the sixth and eighth floors. This transaction nearly completes the subleasing of space that was vacated by HIP when they relocated to 55 Water Street two years ago. Building owners C & K Properties and Zamir Equities were represented by J. Picco, M. Arkin, and S. Vinett of Cushman & Wakefield.
  • Event Office Leasing
  • Building Name Penn Com Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 25,300
  • Publication Date 03/01/2005
  • Event Date 01/20/2005
  • Party 1 HIP
  • Party 1 Brokerage GVA Williams Real Estate
  • Party 1 Broker Steve Jaray
  • Party 2 24/7 Real Media
  • Party 2 Brokerage Savills Studley
  • Party 2 Broker Greg Taubin
notes
Moves from 1250 Broadway in 7-year sublease
  • Event Office Leasing
  • Building Name Penn Com Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 20,000
  • Publication Date 11/01/2004
  • Event Date 09/22/2004
  • Party 1 Assoc. of Junior Leagues Intern~~#l
  • Party 1 Brokerage Winoker Realty
  • Party 1 Broker Jonathan Rudes, Erik Alberti
  • Party 2 NY Organ Donor Network
  • Party 2 Brokerage Cassidy Turley
  • Party 2 Broker John Benisch, Vincent LaManna
notes
Non-profit moving from 95 Riverside Drive under sublease
  • Event Sales
  • Building Name Penncom Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 417,000
  • Price $ 91,000,000
  • Price per foot $ 218.23
  • Publication Date 08/01/2004
  • Event Date 06/22/2004
  • Party 1 Tribeca Associates, Ritchie Capital Management
  • Party 1 Brokerage Cushman & Wakefield
  • Party 1 Broker Richard Baxter, Ron Cohen
  • Party 2 C & K Properties, Zamir Equities
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Yoron Cohen
notes
16-story building is 99% leased
  • Event Sales
  • Building Name Penncom Plaza
  • Address 132 West 31st Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 420,000
  • Price $ 63,000,000
  • Price per foot $ 150.00
  • Publication Date 01/01/2004
  • Event Date 11/22/2003
  • Party 1 Blackacre Capital Management
  • Party 2 Tribeca Associates, Ritchie Capital
notes
100 percent leased building

01/01/2014
Discount gyms made their mark for the first time, as New Yorkers looked to save money on membership fees and supplement their workouts with trendy classes at places like CrossFit and SoulCycle, said Roseman, who represented Blink Fitness in its lease for 27,832 square feet at 31 Penn Plaza, which clocked in at No...