Cayre Equities Sells 254 West 35th Street for $26M Just One Year After Purchase

Real estate and property management company Cayre Equities has sold 254 West 35th Street in Midtown South for $26.2 million, just a little over one year after acquiring the 16-story office property with plans to convert it into self-storage, property records made public Thursday show.  

The buyer is Joyland Management, which used an entity of 254 West 35th Street Holdings in the deed. Joel Wertzberger, of Joyland, signed the deal for the buyer, while Kenneth Cayre, founder of Cayre Equities, signed for the seller, which used the entity CS Midtown 35, records show.

Cayre Equities acquired the office property in December 2024 for $16.2 million, from an affiliate of ​​the Tekiner family, The Real Deal reported.

The firm did not immediately respond to a request for comment. 

Joyland has been going on something of a buying spree across New York City. The firm — which did not immediately respond to a request for comment — recently purchased two adjacent former medical buildings at 313-319 East 17th Street in Manhattan’s Gramercy neighborhood for $33.5 million, with potential plans to convert the buildings into housing.

The firm also acquired the vacant lot at 159 Broadway in Williamsburg, Brooklyn, last week for $30 million, as Commercial Observer previously reported. The development site was sold by former lender Madison Realty Capital, which had acquired it in 2022 from previous owner Cornell Realty following a bankruptcy sale. There had been a hotel and residential development planned for the site. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.