Manhattan Office Asset Trades for $78M

37 W. 57th St. Image courtesy of CommercialEdge

New York-based Sedesco has acquired 37 W. 57th St., an 80,000-square-foot office building in Manhattan’s Plaza District. Hodges Ward Elliott facilitated the $77.5 million transaction on behalf of the seller, a private investor.

Augenbaum Realty Corp. President Josh Augenbaum represented the buyer, who acquired the asset through a fee-simple interest transaction. The property last changed hands in 1996 for $13 million, according to CommercialEdge.

The 13-story office building was originally completed in 1923 and underwent cosmetic renovations in 2012, the same data provider shows. 37 W. 57th St. has the potential to be further developed, as there are no height restrictions on the site, which can accommodate more than 85,000 square feet of construction.

Moreover, the property falls within a transit approval zone, which enables improvements for additional developable floor space. Voga Trading Co., Intercos Group, Bogal & Kahn and Edward Tyler Nahem Fine Art are among the property’s tenants.

Hodges Ward Elliott Managing Directors Anthony Ledesma and Paul Gillen, along with Vice President Allie Boyan worked on behalf of the seller.

The latest CommercialEdge report shows that during the first quarter of this year, Manhattan recorded an office transaction volume of $417 million, with assets in the borough trading for $1,000 per square foot, the highest price among all major markets. 37 W. 57th St. sold for $968.75 per square foot, slightly below the market average.