Coworking Firm Jay Suites Lands Citi Loan for $35M Office Purchase
The building was built by Jacob Astor and given as a gift to his sister
By Brian Pascus August 8, 2024 4:08 pm
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Coworking firm Jay Suites has secured $35 million in financing to purchase 8 West 38th Street, a 142,000 square foot pre-war office building once given as a gift from a member of the Astor clan to a family sibling, Commercial Observer has learned.
Citibank provided $19 million of debt for the acquisition, while Jay Suites contributed $16 million of equity, according to a source close to the deal. The seller is part of the family of William Felder, who have owned the building for decades.
The 12-story building at 8 West 38th Street was built in 1913. Jacob Astor, who died on the Titanic in 1912, initially built it to house a department store that he would gift to his sister, according to a source close to the deal
Jay Suites, a coworking firm founded in 2008, will occupy an entire floor of 8 West 38th Street, and plans to open a Jay Conference event and meeting room space inside the building.
The Astor family are descendents of John Jacob Astor, the early 19th century business mogul who made his fortune in the fur trade and is widely known as America’s first millionaire. The Astor family today are mostly known for the Manhattan neighborhood Astor Place, where the family used to live together with several of the wealthiest New York City in the mid-to-late 19th century.
Crain’s New York Business had initially reported the news of the sale on August 2.
Brian Pascus can be reached at bpascus@commercialobserver.com
