Penn Plaza Office Condo Fetches $963 PSF

Chinese textile manufacturer Loftex has purchased the two-floor, 11,158-square-foot office condo at 24 West 40th Street. The sale by Thor Equities fetched a price of $10.75 million, or about $963 per rentable square foot, falling short of the $14.5 million, or $1,300 per square foot asking, but far outpacing the average $608 per square foot selling prices Manhattan office condos were commanding during the first half of 2021 according to report by Rudder Property Group.