Cohen of NGKF brokers acquisition of 251 West 30th St. for Herald Square Properties/Marciano Investment Group joint venture

Manhattan, NY Herald Square Properties (HSP) and Marciano Investment Group (MIG) have teamed up to purchase 251 West 30^th St., a 16-story, 114,000 s/f mid-block prewar loft office building in the Chelsea North submarket. The property is two blocks from the entrance to the High Line and the new Hudson Yards Development, as well as the New York City transportation hub at Penn Station. The partnership plans to completely transform this historic mid-block building by upgrading the systems, infrastructure and amenities to offer real value to the TAMI tenant market. The property will feature modern, open space layouts, light on three sides, outdoor space opportunities, and contemporary kitchens on floor sizes ranging from 5,000 to 8,000 s/f that will appeal to growing creative tenants seeking full floor identities. “This is our fourth and perhaps most exciting acquisition,” says Michael Reid, a principal of Herald Square Properties. “We have an extremely strong and experienced ownership team with the Marciano Investment Group and we are buying an exceptionally well-located building with great bones, light and air, and upside potential.” According to Gerard Nocera, a principal of Herald Square Properties. “We always look for buildings like 251 West 30^th St. where we can create value by adding the capital, the expertise and the focused strategic vision to truly transform the asset.” Capital improvements planned for 251 West 30^th St. include an expansion and renovation of the lobby and the restoration of the street level façade. In addition, the partnership plans on implementing a prebuilt program, along with the installation of new windows, bathrooms and air conditioning units. The partnership also plans to make significant infrastructure upgrades including the installation of a class E fire alarm system and a new bus duct electrical system that will be environmentally efficient. The acquisition represents the fourth prewar commercial building purchased and repositioned by Herald Square Properties in the past few years, including 1372 Broadway, 142 West 36^th St. and 234 West 39^th St. In addition, Herald Square Properties, performing as asset manager, has orchestrated the repositioning of two prewar buildings on Madison Ave., 183 Madison Ave. and 292 Madison Ave. William Cohen, executive vice president and principal, Newmark Grubb Knight Frank was the broker representing both the buyer and the seller. Cohen will also serve as leasing agent for the building. Representing the borrower for the transaction was Douglas Heitner of Kasowitz Benson Torres & Friedman.