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ATCO Sells Garment District Building Equity Interest to Migdal

The New York real estate family and Migdal Group's joint venture highlights the interest in the Midtown West corridor to Hudson Yards.

By Betsy Kim | Updated on October 31, 2017

240 W. 35th Street 240-246 W. 35th Street may find itself on a main corridor to Hudson Yards.

NEW YORK CITY—ATCO Properties and Management, a New York, fourth-generation family owned and operated real estate company, has sold a 49% ownership interest in an 18-story building at 240-246 West 35^th Street to the Migdal Group, one of the oldest and largest insurance and financial groups in Israel. ATCO is retaining a 51% majority ownership interest in the property. The price for the equity stake remains undisclosed.

ATCO purchased the 161,588 square foot building in October 2016 from RPW Group, for $108 million, at $668 per square foot. At the time, the building was 95% occupied, according to Real Capital Analytics. The building is located on 35^th Street, between 7^th & 8^th avenues, what ATCO refers to as a “main east-west corridor between Hudson Yards and Midtown.”

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