Brause Realty has handed Transwestern its first exclusive leasing assignment in New York City.
Transwestern’s Lindsay Ornstein, John Grotto, Aaron Kaufman and Debra Larsen will serve as the leasing team for 254 West 31st Street, which is currently being repositioned by Brause.
“We are very excited about the opportunity to help reposition and redevelop this great asset for the Brause family,” said Ornstein, a Transwestern principal.
“Upon the completion of the new lobby, façade and entry work, 254 West 31st Street will be the premier boutique loft building in the neighborhood. It is ideally positioned for tenants seeking high-quality creative space in a coveted Midtown South location, proximal to transportation.”
David Brause, president of Brause Realty, called the team “intelligent, energetic and well-respected.”
“We look forward to working with the team for many years to come,” added Brause.
Built in 1926 and located between Seventh and Eighth Avenues in the Penn Plaza/Garment Submarket, 254 West 31st Street is a 15-floor office building with street-level retail.
Located directly across from Penn Station, it is also within walking distance of Madison Square Garden, the High Line and the future Moynihan Station and Hudson Yards development.
Transwestern, one of the largest privately-held full-service real estate firms in the country, began its expansion into New York City in 2011. The firm now has “nearly 50 employees” in the Northeast region, which includes NYC, Greenwich, CT, and Parsippany, NJ, with specialists in all service lines and property types – retail, office, industrial, multifamily and healthcare. There is also a 5-person Capital Markets Team that provides a investment sales, debt and equity financing services.
A spokesman for Transwestern said the leasing team will be actively marketing the last available floor at 254 West 31st Street.