The Praedium Group Sells Two Buildings for $35 M.
New York City-based national real estate investment firm The Praedium Group and its partners have sold the leasehold interest at 16 West 36th Street in Midtown to South Kiamie Industries, Inc. for $12.9 million – and a Brooklyn residential property in the Crown Heights neighborhood for $22 million.
The firm announced the Manhattan sale earlier this week. It had purchased the building in February 2012 for $8.2 million, implementing a strategic leasing and capital improvement program at the 13-story office and retail asset.
“Midtown South is in great demand, and we’re seeing an influx of tenants from the fashion, technology, entertainment and media industries,” said Chris Hughes, principal of The Praedium Group, in a statement. “With renovations to the lobby completed, we increased the building’s occupancy from 68% at acquisition to 95% in approximately a one year period.”
Constructed in 1920, the 67,209-square-foot building is located just east of the Fashion District and includes a tenant mix from the apparel, fashion accessories, construction and insurance industries.
The sale of 805 St. Marks Avenue in Crown Heights to a separate buyer appeared in city records yesterday. The Praedium Group did not return calls seeking comment on the deals, but city records show that the group of investors paid just under $13.4 million for the Brooklyn property in 2005.