Garment District $48.6M Trade is Evidence of the Neighborhood’sTtransition
January 2, 2013
By: Christopher Cameron

A $48.6 million deal for a building that traded for $30 million only 18 months ago — a $250 per square foot to $400 per square foot price increase – is further evidence that Garment District real estate is on the rise. According to the New York Post, the 118,200 square-foot former apparel factory at 256 West 38th Street sold to American Realty Capital New York Recovery REIT in a Studley Capital Transaction Group-brokered deal. The seller was a a joint venture between East End Capital and GreenOak Real Estate ...

...The area south of Times Square “is becoming a favorite market among tenants and investors [as it] is steadily transforming from fashion to a diversified mix of industries including tech, media, finance and professional services,” Will Silverman, Studley’s senior managing director, said.

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