B&H Photo has acquired a Manhattan office property for $150 million through an entity called SV333 Realty, records from the New York City Department of Finance show.
According to a report from PincusCo, Brookfield Properties originally paid $255 million for the 10-story asset in 2018. That represents more than a $100 million loss for the developer. While Manhattan particularly has seen a strong recovery in office compared with the rest of the nation — some landlords have struggled to fill up their buildings due to the emergence of remote work since the pandemic.
Notable tenants at the 333 West 34th Street building in the Garment District include New York State's Metropolitan Transportation Authority (MTA), Godiva Chocolatier, and Sam Ash Music, according to information services platform, CompStak. The MTA's lease, which runs through 2035, takes up between 100,000 square feet and 150,000 square feet of space at the 350,000-square-foot property.
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