Eastern Consolidated Properties director Mingo Lee represented the seller and procured the buyer of the properties, which Goldman had owned for 20 years.
The three contiguous office buildings, 1 W. 34th St., 358 Fifth Ave. and 362 Fifth Ave. comprise roughly 222,000 sf with a 16,729-sf footprint. Together, the three buildings form a square at the corner of 34th Street and Fifth Avenue.
Between them, the three properties feature a combination of ground-floor, basement and mezzanine retail space. Duane Reade opened a roughly 16,000-sf two-level store that has frontage on 34th Street as well all the 358 and 362 Fifth Avenue frontage. It replaced a GreenPoint Savings Bank branch. There is a Champs Sports outlet in the 34th Street building, which replace a Bakers shoe store. Bakers moved next door to a roughly 5,000-sf space at 358 Fifth Ave., and is now sandwiched between Duane Reade and Champs.
According to Lee, the owners decided the timing was right for a sale. "This was the only investment property they owned" Lee tells GlobeSt.com. "They thought it was a good time to sell. The ownership is basically in the auto dealership business."
Lee notes that the transaction was a smooth one. "Relatively speaking this was a fairly quick deal. The whole process might have taken seven or eight months."
1 34th St., built in 1906, is a 12-story structure comprising 65,000 sf with 5,300-sf floorplates. 358 Fifth Ave., the corner building, is the largest and tallest of the three properties at 14 stories and 95,300 sf. The building was constructed in 1920 and has 6,441-sf floorplates. 362 Fifth Ave. was also built in 1920. Like 1 34th St., it is a 12-story, 65,000-sf property with floorplates of around 5,000 sf.
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