Marty and Eric Meyer of GVA Williams close two sales totaling $60m

The GVA Williams father-son team of Marty and Eric Meyer has arranged the sales of two Manhattan buildings-one in Chelsea and the other in the Penn Plaza District. 127 W. 25th St. LLC purchased the Chelsea building at 127 W. 25th St. for $32 million, or $300 per s/f. The new owners have planed major renovations to the building that they believe will help nearly double asking rents from the mid $20s to $40 per s/f. Within the next 12 months, a number of leases will expire, freeing up 50,000 to 60,000 s/f of space to lease at the higher rents. The class B building, located between 6th and 7th Aves. contains a total of 90,000 s/f on12 stories. Eric and Marty Meyer represented the owner and the seller in the transaction and are the exclusive leasing agents for the building. The Meyers also arranged the sale of 35 W. 36th St. for $28 million, or $486 per s/f, to 3526 Associates LLC, a New York-based investor. Douglaston Equities LLC was the previous owner. Built in 1911, the Penn Plaza District property totals 57,636 s/f and is 100% leased to 15 tenants. The transaction represents a 3% capitalization rate. Eric and Marty Meyer of GVA Williams represented both parties in the transaction. With leases rolling within the next two years, the new owner plans to renovate the building with a new lobby, elevators, installation of tenant controlled central air, upgraded security systems and electronic tenant directory. The renovations are expected to generate asking rents in the $40s per s/f, up from the $20s currently.