Office properties in Herald and Times square are appreciating rapidly. In February, a joint venture of the City Investment Fund and Savanna Investment Management paid about $244 a square foot for 131 West 33rd Street; the venture is now looking to sell the property for close to $500 a square foot. “The Times Square and Herald Square neighborhoods have seen tremendous growth in retail rents and the type of tenants desiring the space, which has translated into significantly escalating property values,” the chairman of Massey Knakal Realty Services, Robert Knakal, said. more [Sun]
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Herald, Times Square thrive
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