The 210,000-sf building is located at the corner of the Avenue of the Americas and was built in 1962. Mrofficespace.com lists Elm West 40th Street Associates LLC as the owner of the property, although sources involved in the deal would not confirm or disclose the seller.
Current office tenants include Pergola Deli, Moffatt & Nichols, Molod Spitz & DeSantis PC, National Geographic Society, Einbinder & Dun LLP and Springs Global US Inc. Los Angeles-based CB Richard Ellis, who was not involved in this particular deal, notes that the average asking rent for 104 W. 440th St. is $68.66 per sf.
"We like this part of New York City because the vibrancy of Bryant Park and the convenient access to transportation have spurred new construction, and created a leasing velocity in the submarket that is causing real rental growth," says Derk Taylor, director of acquisitions and dispositions for PREI. "We believe the building has a great advantage with the expected growth in rental income and utilizing the building's expansion potential."
In November 2005, Mermel & McLain Management LLC through its affiliate ELM West 40th Street Management LLC created and structured a purchase without brokers directly with the seller, RFR Realty. ELM West 40th Street Management LLC is the managing member of the entity that owns the property, ELM West 40th Street Associates LLC.
This is the sixth acquisition by the Principal Real Estate Investors in the Midtown Manhattan area.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
