A Korean media company dropped $37 million to buy a 113,000-square-foot office building near Midtown Manhattan’s Koreatown, Commercial Observer has learned.
RJF Realty unloaded the property at 110 West 32nd Street, with an alternative address of 115 West 31st Street, to a partnership led by MediaWill, a Korean media company, and Tony Park, according to one of the brokers on the deal.
“The sale demonstrates the continued demand for well-located office product with proximity to major transportation hubs such as Penn Station,” Albert Sultan of Kassin Sabbagh Realty (KSR) said in a statement.
Sultan and Sophia Gaines of KSR represented RJF Realty in the sale while Elad Dror of PD Properties negotiated on behalf of MediaWill.
“We are currently seeing a lot of private capital from Europe and Asia looking for opportunities in strong locations in Manhattan, in this case, the building’s proximity to Koreatown and Penn Station was very attractive to the buyers,” Dror said in a statement.
MediaWill paid about $370 per square foot for the property, which has been in the hands of the seller for about 40 years and will be delivered vacant.
“This partnership is looking for additional opportunities in Manhattan across all asset classes,” Park said in a statement.
MediaWill and RJF Realty could not be reached for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
Germany-based investment firm Tatar Holding is planting its flag on the Lower East Side with the $30 million acquisition of 163, 165 and 167 Ludlow Street.
The buildings have a total of 66 apartments ad will be the first New York purchase for Tatar, which owns dozens of multifamily properties in Germany, said Elad Dror, president of PD Properties, who advised Tatar in the deal. The building has been owned since 2021 by Ben Shaoul’s Magnum Real Estate Group, which picked it up for $16.5 million, according to property records.
“They’re aggressively looking to expand their holdings in the NYC market in the next 12 to 24 months,” Dror told Commercial Observer.
Tatar assumed the outstanding debt — a $23.5 million CMBS loan from Bank of Montreal that matures in seven years — of the previous owner as part of the deal as well, according to Dror.
Magnum and Tatar did not immediately respond to requests for comment.
Shaoul has made a name for himself in New York City real estate, having in the past accepted bitcoin as currency for sales.
In September 2021, Shaoul sold 385 First Avenue for $29 million using cryptocurrency, and in 2019 sold 389 East 89th Street for $15.3 million in bitcoin, CO previously reported.
Shaoul did not accept bitcoin for 163 Ludlow.
Mark Hallum can be reached at mhallum@commercialobserver.com.