Pair of Garment District Office Buildings Trade at 74% Discount
Midtown-based Empire Capital Holdings continues to build its Manhattan portfolio, recently purchasing two Midtown buildings in the Garment District — 229 West 36th Street and 256 West 38th Street. The purchases made through separate transactions closed one day apart for a combined total of $40.75 million, representing a discount of 74% of the $156.8 million total paid by sellers Connecticut-based real estate firm Brickman and global asset management firm Investcorp. News of the latest Midtown transactions come about one week following reports of Empire Capital going into contract to buy a pair of Midtown South office buildings at 373 and 381 Park Avenue South for $130 million from longtime owner ATCO Properties & Management.