New York architecture firm Hariri & Hariri has sold its office cooperative unit in the Flatiron District for $4.92 million plus transfer taxes.
Pacific Television Center, a transmission and production company, bought the 5,068-square-foot penthouse unit, comprising the entire 12th floor, and 5,068-square-foot private roof at 39 West 29th Street between Broadway and Avenue of the Americas on March 25, property records made public April 2 indicate. Sisters Gisue Hariri and Mojgan Hariri, who established their firm in 1986, bought the unit in August 2005 for $1.8 million, public documents show.
“They’re going to move out somewhere smaller I imagine,” said Michael Rudder of Rudder Property Group, who along with colleague Michael Heller represented the seller in the deal. As the architecture firm determines where to move, negotiated a short lease-back, Mr. Rudder said. “They sold because they got a great price.”
The New York office of Los Angeles-based PacTV—which serves the transmission and production needs of a global roster of clients across multiple industries—needed larger space to accommodate recent growth, Cushman & Wakefield said. Carri Lyon of C&W represented PacTV in the transaction.
“As an industry leader delivering around-the-clock, state-of-the-art production services to American and overseas clients, PacTV has some exacting needs,” said Richard Neri, the president of PacTV, in prepared remarks emailed via C&W. “We wanted to locate in a highly desirable part of town, but the site also had to include rights to rooftop space. We were gratified to find a location that suited our requirements across the board.”
The undeveloped rooftop is somewhat obstructed by mechanical equipment, Mr. Rudder said.
PacTV offers clients around-the-clock support and services in fiber connectivity, satellite coordination, content file acquisition, live shots, satellite media tours and voiceovers. It needed larger space to accommodate recent growth, C&W said. PacTV’s current office is not that far away, at 127 East 31st Street. The company is undecided about its future plans there, C&W said.
The office on West 29th Street will include a new HD master control room, two HD studios, a “green room,” offices and transmission co-location space. Because of the infrastructure costs, it made sense for PacTV to purchase its office space, Mr. Rudder said.