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 email@example.com.