Trystan Polsinelli, VP of Leasing and Sales and Aidan Latham, VP of Asset Management of 60 Guilders, LLC have successfully sold three floors of office condominiums at 20 West 33rd Street. The purchase prices came to a total of $25 million.
These transactions consisted of an income-producing full penthouse floor occupied by a global apparel company and a vacant, renovated full floor. The sales occurred in two separate transactions with two unaffiliated buyers. The purchasers included both a foreign investor and a multinational end-user, both of whom recognized the value proposition of owning commercial space in the heart of New York City’s busy Herald Square district. The transactions reinforced the market’s prioritization of well-located properties via the building’s proximity to Penn Station, Grand Central, and Madison Square Garden. The sale of the penthouse unit, which features extensive, usable outdoor space, was equally supportive of the market trend of flight to quality by users and investors alike.
“This sale is a reminder to end-user and investor participants in the Midtown office market that this is a uniquely opportune time to be buying office space” noted Trystan Polsinelli. “Office condominiums are an intelligent asset class and a hedge against inflation, as compared to other investment vehicles.
“Office condominiums insulate purchasers from exposure to fluctuations in the leasing market while providing their buyers with investments that will build wealth as market conditions improve” noted Aidan Latham.“20 West 33rd Street offers opportunistic purchasers the stable advantage of comparatively low real estate tax and common charge burdens relative to its competitive set.”
This was a direct, in-house, transaction involving an international investor and an out of state purchaser.
ABOUT 60 GUILDERS: 60 Guilders, LLC is a private, New York City based real estate investment and operating firm founded in 2013 by Kevin Chisholm and Bastien Broda. Emphasizing intensive fundamental research and an entrepreneurial approach to acquisitions, 60G focuses on identifying, purchasing and repositioning value-add properties in New York City. 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.
