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B6 Markets Modernized Loft Office Building in Penn Plaza District
B6 Real Estate Advisors has been retained to sell 256 W. 38th St., an approximately 117,000-square-foot loft office and retail building in Midtown Manhattan’s Penn Plaza district. The property is expected to sell in the high $50 millions.
The team of Alex Woodlief and Brock Emmettsberger is representing the sellers, Investcorp & Brickman Real Estate. The modernized 14-story property has been under institutional ownership and management for more than a decade. Todd Korren and his team at Avison Young are in charge of office leasing at 256 W. 38th, which is currently 80% occupied and claims significant historical occupancy.
B6 says the property presents a unique opportunity for an investor to acquire a modernized institutional-quality asset with significant in-place cashflow, high occupancy and little to no required capital expenditures in an area poised for tremendous growth due to current and future development.
- ◦Sale/Acquisition
