Two Class B Buildings Fetch a Total of $60M

[IMGCAP(1)]NEW YORK CITY-The GVA Williams father-son team of Marty and Eric Meyer has arranged the sale of two local buildings–one in Chelsea and the other in the Penn Plaza District. The buyer, known as 127 W. 25th St. LLC, purchased the Chelsea property at 127 W. 25th St. for $32 million, or approximately $300 per sf.

A GVA source tells GlobeSt.com that the seller of the 25th Street property was the Lasser Family, who owned the building for 50 years. The source says that the buyer was a real estate partnership, which consists of a group of entrepreneurs.

[IMGCAP(2)]The new owners have planed major renovations to the building that they believe will help nearly double asking rents from the mid $20s to $40s per sf. Within the next 12 months, a number of leases will expire, freeing up 50,000 sf to 60,000 sf to lease at the higher rents.