Newmark Grubb Knight Frank (NGKF) today announced its representation in the recent sale of 61-65 West 23rd Street. NGKF’s Executive Managing Director Arthur Draznin and Associate Hunter Berman represented the seller, 61-65 West 23rd Street Associates LLC, a family-owned business that owned the property for over 50 years. A private investment group acquired the property for an undisclosed price.
The 52,000-square-foot office building was built in 1920 with a classic cast iron façade. It is located in the heart of the Flatiron District between Fifth and Sixth Avenues and near Madison Square Park, Eataly and Home Depot. The building’s largest tenant is Betterment, a financial technology company with an automated investing service that provides optimized investment returns for individual, IRA, Roth IRA & rollover 401(k) accounts.
“There is a very high demand for office space in Midtown South, particularly among TAMI companies, due to the market’s character, transit access and cachet,” said Draznin. According to NGKF Research, TAMI companies accounted for 68% of the total square footage leased in the first quarter of 2016. “61-65 West 23rd Street presented an incredible opportunity for the new owner to capitalize on the success of the neighborhood’s office market as they attract new tenants with building upgrades.”
The seller’s counsel was Glen Edelman, Esq., of Okin Edelman, LLC.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.