MetLife Wins Garment District Office Property in Foreclosure Auction for $30M
By Andrew Coen July 9, 2024 4:42 pm
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A Midtown Manhattan office building at 240 West 35th Street sold at a foreclosure auction for $30 million to MetLife Investment Management nearly a year after the lender filed a complaint over unpaid debt, property records show.
MetLife cast the winning bid in late June for the 165,000-square-foot building that was owned by ATCO Properties & Management. It foreclosed on the property in July 2023, PincusCo. reported at the time.
“240 West 35th Street is a high-quality real estate asset that is well positioned in the New York City market,” MetLife spokesman Dave Franecki said in a statement. “While we cannot comment on specifics of this transaction, MetLife Investment Management has a proven track record in institutional real estate and a dedicated team focused on the New York area.”
ATCO acquired the 18-story office building in Manhattan’s Garment District for $108 million in late 2016 from RPW Group, The Real Deal reported at the time. MetLife provided a five-year, fixed-rate $72.75 million loan for ATCO to refinance the asset in January 2018, according to TRD.
Just prior to last year’s pre-foreclosure notice, Anyword, an artificial intelligence copywriting platform, signed a 4,924-square-foot lease at 240 West 35th in January 2023 on the fifth floor, Commercial Observer first reported at the time. Other office tenants include French luxury brand Diptyque, men’s fashion designer Thom Browne and the Citizens Budget Commission, according to Compstack.
ATCO did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
