In a feat of extraordinary real estate prowess, a building in the Garment District has actually been sold, and for the totally respectable price of $45.3 million.
Said building, 488 Seventh Avenue, rises 13 stories in the Garment District, at 36th Street. The buyers are, according to city records, a group called Torkian International, and the seller is an entity called Swift Park based on East 61st Street. At 78,200 square feet, according to research service CoStar, the building’s sale would put the price per square foot in the range of $580.
The deed was signed on Feb. 5, and, according to records, Torkian assumed $25 million in existing debt as part of the transaction.