A midtown Manhattan office building that’s ripe for a hotel conversion has sold for $26.5 million. The 87,447 sq. ft. Craftsman Building is 99% leased. Located between Penn Station and Grand Central Terminal, the building is leased by film, video and television productions, not-for-profit foundations, attorneys and business consultants.
“This was an excellent investment play because there’s steady cash flow from the existing tenants over the course of the next several years while the new owner determines his leasing strategy,” says Eric Anton, senior managing director at Manhattan-based investment sales brokerage Eastern Consolidated. “The fact that the property can be converted to a hotel is another distinct advantage.”
Eastern Consolidated represented the seller, The Winter Organization, and the buyer, Six East 39th St. Holdings, on the deal.