Stacom, Shanahan to market two Midtown buildings
Two office buildings in the heart of Midtown are about to hit the market. Crain’s reported CBRE Group vice chairmen Darcy Stacom and Bill Shanahan are bringing 15 West 47th Street and 22 West 48th Street to the market on behalf of the Italian families that have owned them for more than 30 years, listed in public records as the Carmania Company and the Paumi Corporation, respectively.
The 47th Street building, between Fifth and Sixth avenues, has 175,000 square feet among its 18 stories and is worth about $75 million, according to Crain’s. It has a jewelry market in its ground floor retail space. The 48th Street building has 15 stories, 75,000 square feet, a Duane Reade retail space and an estimated value of about $50 million. Both properties are more than 85 years old.
While Crain’s said the buildings would attract interest considering the shortage of commercial real estate supply and the perceived safety of such properties in Manhattan, the difficulty in obtaining financing could sideline prospective buyers who would otherwise be interested. [Crain’s]