Lefrak buys West 57th Street building for $56 million

The LeFrak Organization has purchased 28-30 West 57th Street for $56.5 million, according to public records posted today. The 32,144 square foot office building, built in 1930, has 4,500 square feet of retail space. The seller was listed on the deed as Robert E. Buxbaum. At LeFrak’s 40 West 57th Street, office rents that have doubled in just five years. LeFrak is spending $30 million improving the 34-story building. As reported in this month’s issue of The Real Deal, what was a lackluster stretch of West 57th Street is enjoying a retail renaissance. The building at 28-30 West 57th Street is home to a GNC store and a Sunglass Hut. TRD