229 West 36th Street_Pand te koop
229 West 36th Street_Pand te koop
229 W 36th St, New York, NY, 10018-7529, US

229 West 36th Street

Activa beschrijving

229 West 36th Street (the “Property”), a 150,894 rentable square foot, 12-story office building located in Midtown Manhattan at the convergence of high-growth submarkets including Hudson Yards, Chelsea, and the Penn District revitalization. Currently 86.2% leased, 51,544 rsf rolls within the first year bringing occupancy to 52.0% with 8.5 years of remaining average lease term, providing a new investor the opportunity to acquire an attractive in-place cash flow at a compelling basis with significant upside through lease-up and ability to partially convert to life science in the near term.

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Attributen

Bruto gebouwoppervlakte
14.019 vierkante meter
Bezetting
86,2%
Bouwjaar
1921

Media

Investeringshoogtepunten

COMPELLING VALUE ADD WITH UPSIDE POTENTIAL

+ Currently 86.2% leased, 51,544 rsf rolls within the first year bringing occupancy to 52.0% with 8.5 years of remaining average lease term, providing a new owner income security with ability to immediately grow NOI through lease-up

+ Ideal 12,600 rsf floorplates, double front entrances and elevator configuration enables a building-within-a-building structure

providing a competitive leasing advantage

+ Additional value creation from re-imagining and re-leasing the ground floor retail space


FLEXIBLE LIFE SCIENCES REPOSITIONING OPTIONALITY

+ Flexible M1-6 zoning and existing floor loads provide the optionality to partially convert the Property to life science as inplace tenancy rolls in the near term

+ Ability to capture premium rental rates as average life science rents in Manhattan exceed $100 psf on a net basis, driving NOI

and maximizing value

+ Existing tenancy provides durable in-place cash flow to cover repositioning costs with the ability to maintain a low investment basis and achieve outsized returns

+ Rapidly growing life science cluster anchored by tenants including IndiBio, Actinium Pharmaceuticals, Enzo clinical labs, and AccelBio


IDEALLY LOCATED AT THE CONVERGENCE OF TRANSPORTATION HUBS AND HIGH-GROWTH NYC SUBMARKETS

+ Transformative Midtown Manhattan location at the convergence of Hudson Yards, Chelsea, and the Penn District revitalization

+ Connected via proximate Penn Station and Moynihan Train Hall as Manhattan office demand congregates around regional transit (43% of all 2021 leases were within a 5-min walk from major hubs)

+ Positioned to benefit from the multi-billion dollar Penn Station and surrounding area redevelopment program

Contact makelaars

229 West 36th Street (0 Eigendommen)
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Laatst bijgewerkt
May 16, 2024