CITY—The Praedium Group has acquired 16 West 36th Street for $8.2 million with partner NorthEnd Equities, a Manhattan-based private commercial real estate company. The 13-story, class-B office and retail property is located in the heart of Midtown South, between Fifth Avenue and Avenue of the Americas.
Constructed in 1920, the 67,209-sq.-ft. building is located just east of the Fashion District and currently hosts mix of tenants from the apparel, fashion accessories,and insurance industries. The new ownership plans a number of capital improvements and a strategic leasing campaign.
16 West 36th Street is located in the neighborhood of Midtown South. Over the past few years, the area has experienced significant growth with a number of developments including the Setai, a luxuryon the corner of 36th Street and Fifth Avenue and a 188-room Hyatt Place at 52 West 36th Street.
David Berger and Aaron Jungreis of Rosewood Realty Group represented The Praedium Group and NorthEnd Equities in direct negotiations with the seller.