Sedesco Acquires Office Property on 37 West 57th Street in New York City for $77.5 Million
Sedesco purchases an 80,000 square foot office property in New York City for $77.5 million.
In a significant deal that highlights the continued strength of the New York City commercial real estate market, Sedesco, a leading real estate investment firm, has acquired an office property located at 37 West 57th Street for a total sale price of $77.5 million. The transaction, which closed on April 24, 2023, marks another successful acquisition for Sedesco in the highly competitive New York City market.
The office property, spanning approximately 80,000 square feet, is situated in a prime location in the heart of Manhattan. With its proximity to Central Park and prestigious neighboring buildings, the property offers an attractive investment opportunity for Sedesco.
The sale price of 77.5 million translates to a price per square foot of 969, reflecting the premium value of the property. This price per square foot is in line with recent transactions in the area, indicating strong demand and investor confidence in the New York City office market.
Sedesco, known for its strategic investments in high-quality properties, was represented by Josh Augenbaum of Augenbaum Realty. Augenbaum’s expertise in the New York City market and his ability to identify lucrative investment opportunities played a crucial role in securing this deal for Sedesco.
On the other side of the transaction, the seller was represented by Anthony Ledesma, Paul Gillen, and Allie Boyan of Hodges Ward Elliott. Ledesma, Gillen, and Boyan are highly respected brokers in the commercial real estate industry, known for their extensive experience and successful track record in New York City.
The acquisition of the office property on 37 West 57th Street further strengthens Sedesco’s portfolio in the New York City market. With its prime location and potential for value appreciation, the property aligns with Sedesco’s investment strategy of acquiring assets with strong growth potential.
The New York City commercial real estate market has shown resilience and continued growth despite the challenges posed by the COVID-19 pandemic. The demand for office space in prime locations remains robust, driven by the city’s status as a global financial hub and the gradual return to in-person work.
As Sedesco expands its presence in the New York City market, the company is well-positioned to capitalize on the city’s recovery and future growth. With its successful track record and strategic investments, Sedesco continues to be a key player in the commercial real estate sector, driving value and delivering attractive returns for its investors.
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