NEW YORK CITY—Affiliates of Thor Equities and Harbor Group International have acquired 24 W. 40th St., in the Bryant Park submarket. Reliable industry sources include the transaction in a three-building trade valued at $218 million. The involved parties however would not disclose a purchase price for the asset.
The 16-story, 88,694 square foot, historic boutique office and retail building overlooks the New York Public Library and Bryant Park. It is 94% leased to a diverse tenant base. Thor and HGI plan to invest $3.5 million in building upgrades including a new lobby and modernization of the elevators.
“24 West 40th Street presents a prime opportunity to implement a first class capital improvement program to enhance the visibility and desirability of the property and improve rental income,” says Jordan Slone, chairman & CEO, Harbor Group International. “The property is a one-of-a-kind asset in a unique location that we believe will provide significant value to our investors.”
Adds Joseph Sitt, CEO of Thor Equities, “Located in the prime Bryant Park district, 24 W. 40th Street is a historic, world-class property. This transaction fits seamlessly with our strategy of acquiring assets that will continue to generate exceptional returns for our investors.”
Featuring retail on the ground and mezzanine floors, the building was constructed by Scientific American in 1926. The firm took the top five floors of the building and in 1927 the Establishment and Maintenance for the People in the City of New York of Museums and Peaceful Arts took two floors of the building. The group included financier Felix Warburg and Thomas Edison, who used the space to display telephone equipment, tire-testing machines and other products that showcased industrial progress.
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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.
