Boutique Office Building Located on Fashion Institute of Technology (FIT) Campus
Walter & Samuels, Inc. today announced that an investment group led by Chairman David I. Berley has acquired 242 West 27th Street, a boutique office building located between Seventh and Eighth Avenues in the heart of Chelsea for $14 million.
Situated on the tree-lined campus of the Fashion Institute of Technology (FIT), the 1927 building comprises 18,000 square feet and seven floors of prime office space. Features include a penthouse with a 500-SF roof deck and a ground-floor loft duplex with skylight and hardwood floors.
“We are excited about the opportunities this building presents,” said Berley. “The location, on FIT's campus in the middle of Chelsea, is very special. The building offers very quiet office space suitable for a variety of tenants and uses.”
Eastern Consolidated’s Ben Tapper, senior director and principal, Noah Buchwald, associate director, and Ross Weiner, associate director, exclusively represented the seller, Panzel Development Associates. Adelaide Polsinelli, senior managing director and principal with Eastern Consolidated, represented the buyer.
“This is a rare office building offering tremendous upside in a prime Manhattan location,” said Tapper. “Meticulously well-maintained under the same ownership for over 40 years, 242 West 27th Street will require few upgrades.”
242 West 27th Street is ideally situated in one of Manhattan’s most desirable neighborhoods amid the FIT campus, presenting an ideal opportunity for tenants to be located within an active student community. The building is also close to transportation hubs, iconic buildings and exciting development projects, including Penn Station, Madison Square Garden, Hudson Yards, Moynihan Station and The High Line.
Walter & Samuels, Inc. is one of New York’s most long-standing full-service real estate firms. Founded in 1933, the firm specializes in building management, leasing, asset management, financial analysis, coop and condo conversions, construction, and development. In addition to managing over three million square feet of commercial space, Walter & Samuels, Inc. is among the most successful and established converters in Manhattan, where it has performed over 30 major residential cooperative and condominium conversions. For more information, visit www.walter-samuels.com.
Eastern Consolidated?
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit
www.easternconsolidated.
