Empire Capital, Prime Group Buy Two West Side Buildings for $40M

Empire Capital Holdings and Prime Group Holdings have acquired two buildings along Manhattan’s West Side for a total of $40.2 million, Commercial Observer has learned.

Empire Capital and Prime Group bought the eight-story office building at 599 11th Avenue and the two-story parking garage at 550 West 25th Street from Winter Properties, according to property records and a source with knowledge of the deal.

The firms, using the entity Prime Storage Empire Capital, bought 599 11th Avenue for $15 million and 550 West 25th Street for $25.2 million, property records show, bringing the total purchase price to $40.2 million.

Prime Group CEO Robert Moser signed for the buyer in both deals. Moser teamed up with Empire Capital in December to acquire 511-541 West 25th Street for $50 million, as CO previously reported.

Zachary Novetsky signed both deals for Winter Properties, which had owned both buildings since the early 1990s.

CBRE’s Doug Middleton, Daniel Kaplan, Jack Stillwagon and Justin Arzi brokered the deal for the seller, while there was no broker for the buyer. CBRE declined to comment, while spokespeople for Empire and Winter Properties did not immediately respond to requests for comment.

Technology firm AHT Global, furniture maker Luther Quintana Upholstery and audio visual consultant Gilmore’s Sound Advice are current tenants of 599 11th Avenue, while 550 West 25th Street is fully occupied by GGMC Parking.

It’s unclear what Empire Capital and Prime Group are planning for the properties, but when the two firms teamed up in December, they had plans to convert the office buildings at 511-541 West 25th Street into self-storage.

Isabelle Durso can be reached at idurso@commercialobserver.com.