NEW YORK CITY-Making its second purchase here, the joint venture of Colliers ABR Inc. and AEW Capital Management LP spent $100 million for the 22-story 119 West 40th St. and the neighboring five-story 120 West 41st St. The deal, acquired on behalf of AEW Partners V LP, includes development rights at 120 West 41st St. According to city records, the seller was Cousins Team III.

Anthony McElroy, managing director/acquisitions at CABR, tells GlobeSt.com that there is as-of-right zoning for 50,000 sf of commercial and/or hotel use and approximately 40,000 sf for residential use. The new owners are focusing first on familiarizing themselves with the current tenants at the sites and the neighborhood. “We’re taking a wait-and-see approach.” The site currently measures 15,000 sf.

Bob Billingsley, vice chairman of CABR, adds that location was a key factor in this off-market sale. “This area has become a corporate row.” The site is near Bryant Park and is close to a number of transportation hubs. “We think it should do extremely well.”

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