GlobeSt.com EXCLUSIVE: Penn Plaza Site Trades for $32M

NEW YORK CITY-An unnamed buyer has picked up a 161,000-sf asset located one block from Penn Station in the Penn Plaza District for $32 million. The 17-story office at at 240-246 West 35th St. is fully occupied. The seller was a locally based investment group.

Barry Farchi, vice president of Itzhaki Properties, represented the seller, while Gerald Lieblich of Broadway West Enterprises represented the buyer. “There were many moving parts to this deal, the most complex of which was arranging for the buyer to assume a mortgage from Wells Fargo,” explains Farchi. “But once financial terms were agreed upon, the sale closed swiftly and the seller achieved a price commensurate with today’s hot investment sales climate.”