Berley of Walter & Samuels leads investor group in $14 million acquisition; Tapper, Buchwald, Weiner & Polsinelli of Eastern Consolidated are brokers

David Berley, Walter & Samuels, Inc.

Manhattan, NY According to Walter & Samuels, Inc., an investment group led by chairman David Berley has acquired 242 West 27^th St., a boutique office building located between Seventh and Eighth Aves. in the Chelsea neighborhood for $14 million.

Situated on the tree-lined campus of the Fashion Institute of Technology (FIT), the 1927 building comprises 18,000 s/f and seven floors of office space. “We are excited about the opportunities this building presents,” said Berley. “The building offers very quiet office space suitable for a variety of tenants and uses.”

Benjamin Tapper, Eastern Consolidated

Ross Weiner, Eastern Consolidated

Noah Buchwald, Eastern Consolidated

Adelaide Polsinelli, Eastern Consolidated

Eastern Consolidated’s Ben Tapper, senior director and principal, Noah Buchwald, associate director, and Ross Weiner, associate director, exclusively represented the seller, Panzel Development Associates. Adelaide Polsinelli, senior managing director and principal with Eastern Consolidated, represented the buyer.

“This is a rare office building offering tremendous upside in a prime Manhattan location,” said Tapper. “Meticulously well-maintained under the same ownership for over 40 years, 242 West 27th St. will require few upgrades.”

242 West 27th St. is in one of the boroughs most desirable neighborhoods amid the FIT campus, presenting an opportunity for tenants to be located within the student community. The building is also close to transportation hubs, iconic buildings and development projects, including Penn Station, Madison Square Garden, Hudson Yards, Moynihan Station and The High Line.