George Comfort & Sons has ended the year as it started it – in a partnership with ASB Capital Management.
The joint venture partners have acquired a mixed–use building at 7 West 18th Street near Fifth Avenue, in the Flatiron District.
The sale price was $43.75 million, according to public records. Scandia Realty was the seller.
The fully-occupied, nine-story, 48,000 s/f loft building features the New York City flagship for home furnishings retailer, homenature on the ground floor, plus a variety of creative office tenants above.
“This is a terrific boutique building strategically located in New York City’s most popular submarket for creative companies, and it has been impeccably maintained by previous ownership,” said Peter S. Duncan, president and CEO of George Comfort Sons.
“The office rents are currently below market, with three full-floor leases expiring in the next 24 months, providing significant potential for increased income. We’re very pleased to add this asset to our portfolio, partnering with ASB Capital Management.”
In January 2015, ASB Real Estate and George Comfort & Sons. acquired 158 West 27th Street, a 12-story loft office building with 117,158 s/f of space for $82.5 million.