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Midtown South Commercial Loft Closes Above $12M

NEW YORK CITY-The 45-47 W. 38th St. site currently accommodates a 21,500-sf, six-story building; however, a new hotel could soon rise in its place.

By Natalie Dolce | Updated on August 29, 2007

NEW YORK CITY-A new hotel could soon rise in Midtown South on West 38th Street, centrally located between Grand Central Terminal, Times Square and Penn Station. The site at 45-47 W. 38th St. fetched a sale price of $12.5 million.

The site currently accommodates a six-story building that is 100% occupied by commercial tenants, providing the new buyer an income stream pre-development. A source close to the sale tells GlobeSt.com that they cannot disclose any information on the buyer; however, the seller is locally based Nelson Tuchman of the Tuchman family.

Locally based Eastern Consolidated associate Anna Ronquillo represented the seller while Azita Aghravi, senior director, procured the buyer. “The existing building at 18,000 sf is under built; the site allows for a development of close to 39,500 sf–ideal for a boutique hotel,” Ronquillo says.

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