Empire State Realty Belief is seeking to promote an workplace constructing within the Garment District — the newest in a string of sales as the corporate prioritizes the place it’s placing its cash.
The Tony Malkin-led REIT put the practically 500,000-square-foot constructing at 501 Seventh Avenue available on the market, The Actual Deal has discovered, eyeing a price ticket of about $150 million.
The 18-story constructing on the nook of West thirty seventh Road is 84 p.c leased, based on an providing memo from Newmark. The constructing is widespread with vogue trade tenants, together with Steven Madden, PVH Corp and Carolina Herrera.
ESRT has invested $54 million within the property (40 p.c of it within the final 5 years) on modernized elevators, home windows, constructing techniques and a rooftop lounge, based on Newmark.
“A purchaser will inherit a modernized and amenitized asset with restricted go-forward capital wants,” the providing memo learn.
A spokesperson for ESRT didn’t instantly reply to a request for remark. A Newmark crew led by Adam Spies and Josh King is overseeing the sale course of.
The property is the newest providing from Malkin’s firm, which has not too long ago bought buildings to pay down debt and purchase again shares.
The corporate final week closed on its $218 million sale of 1359 Broadway to Joe Sitt, and earlier this 12 months bought 250 West 57th Road to Igal Namdar for $280 million.
Malkin stated on the corporate’s third-quarter earnings name final week that ESRT is utilizing the proceeds from gross sales to purchase again shares and pay down debt.
“And we are going to proceed to check the market the place it’s applicable,” he stated. “After which we glance to redeploy as is smart for development.”
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Empire State Realty Trust quickly unloads 1359 Broadway
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