Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
JLA Home to open home furnishing showrooms at 20 West 33rd Street
JLA Home, a home furnishing and bedding company whose merchandise is sold in places such as Macy’s, picked up four, full-floor condo units at 20 West 33rd Street for $35 million.
The company is taking the third, fourth, fifth and 12th floors — totaling 55,000 square feet — as showrooms, said Jeffrey Rosenblatt of SquareFoot, who represented the buyer.
60 Guilders and Carlyle bought 18 and 20 West 33rd Street, which sit between Fifth Avenue and Broadway, for $111 million in 2015. The partnership then converted the buildings into a 21-unit office condo complex with a projected sellout of $206.6 million, or $9.8 million per unit.
The idea was to market the condos first to the existing tenants in the building. In 2017, HUBB NYC Properties bought a handful of retail condominiums at the project for $24 million.
Rudder Property Group’s Michael Rudder, who specializes in office condos and is familiar with the building, said the latest sale price, about $630 per square foot, is lower than the pre-Covid norm of about $817 per square feet at the building. But considering the size of the sale as well as the pandemic, the price seemed fair, he said. Rudder was not involved in the transaction.