NEW YORK CITY—Dalan Management has purchased 22-24 W. 38th St. for nearly $44 million. The 70,000-square-foot property stands 12-floors tall and features ground floor retail.

Ron Solarz, executive managing director and principal of Eastern Consolidated, and Nataliya Stelmakh, associate director, represented the seller, 22 W. 38th St. Associates, and Ben Tapper, senior director and principal of Eastern Consolidated, represented Dalan, which already owns and manages over 1 million square feet of residential, commercial, and mixed-use properties. Gary Meese, senior director of financial services, was the analyst for the deal.

"We are pleased to be acquiring another office property in need of a repositioning," says Andrew Wrublin, principal of Dalan Management. We intend to substantially upgrade the lobby, elevators, and tenant spaces in order to modernize the building."

Adds Daniel Wrublin, Dalan principal, "We have had success executing a similar strategy at 10-12 East 33rd Street. We look forward to transforming this property into a modern, high-end building that tenants can enjoy for years to come."

Notes Tapper, "This Midtown building has a great physical structure with high ceilings and columns on center that will allow for maximum flexibility when leasing office space in the neighborhood, which is transitioning from exclusively garment industry businesses to tenants in the tech sector and other professional industries."

Solarz continues, "Located between Fifth and Sixth Avenues, 22-24 West 38th Street is surrounded by over 6,700 companies and 30 hotels. The foot traffic these businesses are generating will make the building's retail space even more valuable."

The property is on the same block as the Archer and Refinery Hotels, next to Lord & Taylor, and several blocks from the flagship store of Macy's. It also is in the middle of three major transportation hubs—Penn Station, the Port Authority, and Grand Central—as well as serviced by local subway stations at 42nd and 34th Streets.