OVERVIEW
Value alternative to Midtown with repositioning upside
Address: 229-239 W 28th Street
Location: New York, NY
Square Footage: 153,913
Investment Profile: Value-Added
Purchase Date: May 2007
Sale Date: March 2014
Purchase Price: $48,600,000
Sale Price: $81,500,000
INVESTMENT THESIS
Well Located | Redevelopment Opportunity | Good Quality |
Within 3 blocks of Penn Station and directly across from the Fashion Institute of Technology | Convert from loft to office to take advantage of burgeoning Penn Station and Chelsea sub-markets | Highly desirable 12,500 square foot floor plates, 11-foot ceilings and superior light and air compared to peer buildings |
EXECUTION
REBRANDING
Changed use and target demographic from printing to office tenancy
BEST-IN-CLASS BUILD-OUTS
Offered above market tenant improvement packages relative to competition
BASE BUILDING UPGRADES
Targeted rent impactful capital expenditures including upgraded lobbies, elevators, windows and electrical distribution
RESULTS
Sold for $81.5 million (68% above purchase price)
JOSS REALTY PARTNERS LLC
650 Fifth Avenue, Suite 2400
New York, New York 10019
Phone (212) 710-8193
