NEW YORK CITY-AEW Capital Management has purchased 240 W. 40th St., a 159,774 square-foot property for $63 million. The seller, Sitt Asset Management, was represented by Jones Lang LaSalle's capital markets group on the deal.
The brokerage firm's vice chairmen Richard Baxter, Jon Caplan, Scott Latham and Yoron Cohen, as well as SVP Stephen Shapiro,led the team.
The 13-story, loft-style building is 100% leased to LVMH subsidiary DKNY and is located at the intersection of the Garment Center and Times Square office markets, between Seventh and Eigth avenues.
“Home to DKNY for many years; the property was renovated to their specifications with a spectacular glass enclosed penthouse,” says Shapiro. “The property enjoys outstanding access to multiple transportation hubs and is located within close proximity to many of the city's newest and most luxurious residential housing on the Far West Side.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
