Childrenswear Building sold in off-market deal.

The Childrenswear Building at 127-135 West 33rd Street has been sold for $43 million in an off-market deal worked by Laurence Ross and Adelaide Polsinelli of the Platinum Team.

The buyers, a partnership comprised of The City Investment Fund LP and Savanna Investment Management LLC. plan to upgrade the building and continue to lease to commercial tenants.

Owned by a consortium of over 30 limited partners, the building contains approximately 160,000 s/f of office and 19,000 s/f of retail space. Ralph Lauren's childrenswear division recently vacated the premises, leaving 40,000 s/f vacant.

According to Polsin-elli, her team managed to capture today's market value without compromising the seller's requirements. "Potential buyers were targeted quickly and offers were negotiated immediately. The entire process was completed in a matter of days," she said. "The purchaser's ability to recognize the value at hand and to act without hesitation made all the difference."

According to Ross, "The proximity to Penn Station, below market rents and roughly 19,000 s/f of prime retail which includes Stout NYC Pub and restaurant, made this an aggressive play. This undervalued asset located in the heart of the hot Penn Station District is poised to capitalize on the forthcoming changes in the area."

This is the Platinum Team's second major sale this month and it is currently handling eight other off-market exclusives. Polsinelli and Ross repped the buyers along with Platinum Team colleague, Ellen Volpe. GVA Williams' Martin Meyer, along with garment center expert, Alan Sinovsky, repped the seller.