Eastern Consolidated has arranged the sale of a 186,00 s/f office building at 311 West 43rd Street for $107 million.
The buyer was William Macklowe Company, which is partnering with Principal Real Estate Investors, LLC on the deal, and the seller was Atlas Capital Group.
Exclusive brokers Brian Ezratty, vice chairman and principal of Eastern Consolidated, and Scott Ellard, vice president and principal, represented Atlas Capital Group while Ezratty procured the buyer.
This was the third time in five years that Ezratty and Ellard have sold this asset.
In 2010, Ezratty, Peter Hauspurg, chairman and CEO of Eastern, and Ellard completed a partial sale of the asset when owner Zuberry Development Co. bought out its partner, a Douglas Durst-controlled entity, for about $40 million.
Then in January 2013, the Eastern team repped Zuberry and sold the asset to Atlas Capital for $62.4 million.
“This property has increased in value by nearly 170 percent in five years for a number of reasons,” Ezratty said. “In addition to Atlas’ upgrades and the improving real estate market, WeWork-type tenants are seeking space in commercial loft-style office buildings like this with high ceilings, oversized windows, good light and air, a full floor presence, and roof top amenities, plus the neighborhood has undergone significant improvements.”
The building is adjacent to the 300,000 s/f Intercontinental Hotel site that Ezratty sold to Tishman Hotels, and on the same block as 322-326 West 44th Street, where he arranged a long-term net lease for hotel developer Sam Chang.
“Atlas finished the first phase of its value-add strategy for 311 West 43rd Street by completing a large majority of the base building work, including façade work, all new electric service, fully renovated elevators, and refinishing both lobbies,” Ezratty continued.
“Now Macklowe and Principal will further these enhancements by implementing new tenant improvements in the vacant upper floors and penthouse level as well as adding a new roof deck amenity as part of its overall leasing strategy.”
The property at 311 West 43rd Street, between Eighth and Ninth Avenues, was designed by architect Ernest Flagg circa 1908 and served for decades as the New York printing plant and headquarters of Charles Scribner’s Sons.
The 14-story building is steps from Eighth Avenue in New York City’s Theater District.