Newmark Grubb Knight Frank (NGKF) is pleased to announce it has completed the $83.1 million sale of 250 West 54th Street in Midtown Manhattan. Located between Broadway and Eight Avenue, the 145,170-square-foot loft office building was acquired by Zar Property NY, LLC, a leading private owner-operator of New York City office and retail properties. A team led by NGKF Senior Managing Directors Paul Davidson and Roy Lapidus along with NGKF Capital Markets Managing Director Chip Porter represented the seller, Ascot Properties Limited Partnership, in the transaction.
“The building is uniquely located just steps from Broadway, Columbus Circle and Central Park,” Davidson said. “Its 11- to 15-foot ceiling heights, classic copper façade and exposed brick interiors present the new owners with the opportunity to create a highly-flexible creative loft office experience in a location with tremendous transit access.”
The new ownership plans to push rents based on a complete creative office remake of the property which will appeal not only to the neighborhood’s traditional tenant base, but also to those in Manhattan’s fast-growing technology, advertising, media and information (TAMI) sector.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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 14,100 professionals operate from more than 400 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/.