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Migdal Group Buys 49% of 240-246 W. 35th St.

ATCO Properties & Management has partnered with Israeli-based Migdal Group at 240-246 West 35th Street, in the purchase of an 18-story building in Manhattan’s Garment District. Migdal paid an undisclosed amount for a 49% share of the building. ATCO will retain a 51% majority ownership interest in the property.

“This transaction is a key indication of the strength of the Midtown West office market, specifically around Hudson Yards and transportation infrastructure,” said Damon Hemmerdinger, co-president of ATCO, which bought the property in Dec. 2016 and gave the building a new lobby, corridor upgrades and sidewalk improvements.

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