American Realty Capital New York Recovery REIT purchased 256 West 38th Street for $48.6 million on Dec. 26. The seller – a joint venture of East End Capital and GreenOak Real Estate – had purchased the property in 2011 for about $30 million.
The 118,200-square-foot building has undergone approximately $4 million in renovations since being Read More
It’s been commonly known as the Garment District, but with the recent surge of tech industries moving into the area, some are calling Times Square South by a new name: Chelsea North. Confused?
“The market has changed dramatically,” said Diana Gaines, a senior director at Cushman & Wakefield, of Times Square South. “The area called Times Square South has traditionally been known as the Garment Center. In the last few years, this has become less and less the norm.”
Eastern Silk Mills Inc. will be moving to another building in the Garment District.
“The space was in excellent condition,” Jeff Buslik, director at Adams & Co. and broker on the deal, noted about the transaction. “[Eastern Silk Mills] came and wanted it. They stayed within the Garment Center which is where they wanted to Read More
With Fashion Week only a few days away, a flood of big-name designers are relocating from their long-time midtown home. Oscar de la Renta, Vera Wang and Alice + Olivia have all announced plans to leave the Garment District in the past month, according to DNAinfo. The news comes as a further blow to the languishing Garment District, which the city has been trying to rezone for years in fits and starts.
Farewell to All That
In a move that could help revive debate about the future of midtown west’s grungy office stock, Edison Properties wants to build a 407-unit residential tower in the area directly south of Penn Station, currently a no man’s land of cheap office lofts and questionable pizza joints.
The New Jersey-based developer owns a parking lot Read More
A Garment District building that was looking a little tattered around the edges has pulled itself together of late.
“There was not much in the way of capital improvement or concessions and build-out for new space,” Doug Regal of ABS Partners told The Observer. The ownership of the 240,000-square-foot building at 1001 Sixth Avenue, near Read More
Fearless fashion writer Guy Trebay scuba dives into what he describes as a “coral reef” of fashion this morning, and returns with an interesting profile of one building, 347 West 36th Street, as microcosm of the New York garment industry:
HOW is the garment district like a coral reef? A coral reef, as Animal Read More