$350m Penn Plaza sale may have domino effect.Cushman & Wakefield announced the sale of 14 Penn Plaza last week. 14 Penn Plaza LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a partnership consisting of Andrew and Charles Borrok, sold the building at 225 W. 34th Street to Circle Properties Associates LLC for $350 million. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Cushman & Wakefield broker Scott Latham, the sale could be one of the first of many buildings to hit the midtown market in the years leading up to planned renovations for Penn Station, as the prospect of an improved midtown becomes more appealing to buyers. "It makes for a pretty intriguing investment opportunity," Latham said. According to Latham--whose firm also represented Citigroup in its $183 million sale of 333 W. 34th Street to SL Green in April--other property owners a stone's throw from Penn Station have begun talking about testing the market waters. Plans to expand Penn Station across 8th Avenue into the Farley Post Office building are expected to improve transportation and property values--factors that came into play for the 14 Penn Plaza deal. "Everybody focused on the appeal of a neighborhood expected to improve dramatically," said Latham. The latest design drafted by architects Skidmore, Owings and Merrill Skidmore, Owings and Merrill, American architectural firm founded in 1936 in New York City by Louis Skidmore (1897–1962), Nathaniel A. Owings (1903–84), and John O. Merrill (1896–1975). will attempt to replicate some of Grand Central's appeal, utilizing the historic Farley Building as a new terminal. Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run had planned on moving its trains to the new station but has since decided to stay put. New Jersey Transit The New Jersey Transit Corporation (NJ Transit) is a statewide public transportation system serving the state of New Jersey, and Orange and Rockland counties in New York. It operates bus, light rail, and commuter rail services throughout the state, notably connecting to major is expected to operate its trains at Farley and plans could even incorporate moving Madison Square Garden Current arenas in the National Hockey League Western Conference Eastern Conference west. The 22 story 14 Penn Plaza offers 553,000 s/f of commercial space, including 40,000 s/f of retail. The building is 96% occupied, and existing tenants include Mueser Rutledge Consulting Engineers (35,000 s/f), Alan Taylor Communications (25,000 s/f) and Hudson Yards Development Corporation (6,500 s/f). Latham says the buyer will likely upgrade the property and plans to attract larger, single-floor occupancies to the building, which was built in 1925. The buyer, Circle Properties Associates LLC is a private family trust. Ben Khoudari is listed as the principal of the company but could not be reached for comment. Besides Latham, Richard Baxter, John Caplan and Yoron Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , all of Cushman & Wakefield, represented the seller. |
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