Avison Young recently facilitated the sale of a 16-story office property located at 15 W. 36th St. in Midtown Manhattan for $21.5 million on behalf of seller Daval 36 Associates. The transaction was handled by Charles Kingsley, Eric Karmitz, and Erik Edeen from Avison Young’s Tri-State Investment Sales team, representing both Daval 36 Associates and property manager Walter & Samuels.
According to Kingsley, there has been a noticeable rebound in New York City’s office market and properties like this one will continue to be highly sought after as evidenced by the over two dozen offers received for this particular asset.
Built in 1917, the building boasts an impressive size of over81,000 square feet with18 office units and one retail unit included within its structure. Its prime location also allows for potential conversions from office/manufacturing use to residential under NYC’s newly proposed zoning regulations for the area.
Karmitz stated that while conversion opportunities may arise due to initiatives such as “City of Yes” and other rezoning proposals currently being considered by city officials,the current plans do not include any immediate changes as it continues to attract tenants looking specifically for office space.
