Loft Building Hits Market for $31M

NEW YORK CITY-An 82,000-sf, 12-story loft office building located between Fifth and Sixth avenues is on the block, expected to fetch $30.8 million. The building at 29 W. 36th St. has approximately 65 feet of mid-block frontage, offers in-place cash flow and represents an ideal 1031 tax deferred exchange opportunity, according to locally based Eastern Consolidated, which is marketing the property.

Brian Ezratty, vice chairman and principal of Eastern Consolidated, tells GlobeSt.com that the sellers are four family members scattered across the country; however; he could not provide further specifics. He adds that the reasons for selling are simply “to raise some cash.”

Ezratty also tells GlobeSt.com that there have been several offers already, with most interested buyers attracted to “the hot area.” Ezratty adds that “in addition to the stellar location of the this property, close to both Grand Central Terminal and Penn Station, it will be directly and positively affected by the recreation of the Farley Post Office Building, the extension of the No. 7 subway line, the expansion of the Jacob Javits Convention Center and the general redevelopment of the entire Penn Plaza and Hudson Yards area.”