Jan
01
NYC Garment District Office Property Commands $108M
ByATCO Properties & Management acquired the 18-story Class A office building from the RPW Group.
New York—ATCO Properties & Management has acquired 240-246 West 35th St., an 18-story Class A office building in Manhattan’s Garment District, from the RPW Group for $108 million.
“It is one of the garment center’s best mid-block office buildings, with great light and air, better elevators and lobbies than other properties, and excellent floor plans,” Damon Hemmerdinger, ATCO’s co-president, told Commercial Property Executive. “While we are happy to own this property at today’s market rents, we believe that this will be the next neighborhood in Manhattan to see significant rent growth.”
Duval & Stachenfeld LLP represented ATCO in the acquisition and financing of the property, which was provided by MetLife…
