Real Estate Capital Partners is looking to provide some relief from escalating midtown office rents.
The real estate investment firm recently closed on 229 West 36th Street for $57.6 million, according to city records. The 130,000-square-foot building sold for the very-1999 price of $440 per square foot.
“The new owners are going to reposition the property for tenants being squeezed out of midtown,” Cushman & Wakefield’s Jon Epstein told The Observer. “There is currently about 80,000 square feet of vacant space in the building.”
Mr. Epstein brokered the deal, which went to contract in May, along with Charles Kingsley, Glenn Tolchin and Yoav Oelsner. The seller was Jerry Handler’s Handro Properties.
It will be interesting to see if there is a migration to this part of town as rents continue to go up and vacancy remains at record lows in midtown.