Local 372 purchased the 10,438-square-foot office condo for $9,289,820
The Tri-State Investment Sales groupfor Avison Young announced the sale of a 10,438 square-foot vacant office condominium occupying a portion of the 8th floor of a 13-story office building at 20 West 33rd Street between Fifth Avenue and Broadway. Local 372, the union representing nearly 25,000 of New York City’s Board of Education employees, purchased the office condo for $9,289,820.
Avison Young’s Tri-State Investment Sales group led by Principal James Nelson along with Associate Director David Lawrence and Associate Carter Lovejoy, represented the sellers, which included 60 Guilders. David Stringer and Megan Hait of Halstead represented Local 372.
“This sale allows Local 372 to plant their flag and establish a headquarters for themselves and their members,” Nelson said. “That, coupled with the fact that the Union is able to lock in their real estate costs while their condominium appreciates in value, makes this an extremely savvy decision for Local 372.”
The office condo is ideally located steps from Penn Station, Herald Square, the Port Authority, Grand Central Terminal, the PATH train and 16 subway lines.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
60 Guilders, LLC (60G) is a private real estate investment and operating firm, with a current portfolio of office, retail, student housing, and industrial properties totaling 3 million square feet. 60G’s operations are built around an extensive network of relationships and proprietary data, and are leveraged by its in-house expertise in acquisitions, dispositions, financing, asset management, construction management, leasing, marketing and accounting.
