Investors pay $46m for Times Square building.George Kaufman and Bob Savitt of the Kaufman Organization, along with other investors, have purchased 218 West 40th Street, a 12-story, 155,000-square-foot building near the new New York New New York is the name of three futuristic cities modelled on New York City:
The purchase is seen as further proof that the completion of the Times building, which is expected to be completed in 2006, will make the area one of the most desirable office locations in Manhattan. Several other buildings have been purchased lately in the area, including 1450 Broadway and 1466 Broadway. 218 West 40th Street, built in 1923 and renovated in 2002, is situated in the heart of the Transit Triangle at 40th Street and 8th Avenue in area that is expected to experience a boom as development continues. Grant Greenspan of Kaufman/ Adler Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. will handle the leasing and management for the building. The building is 100% leased, and tenants include the Katharine Gibbs School New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Donna Karan Donna Karan is the fashion designer and the creator of the DKNY (Donna Karan New York) clothing label. She was born Donna Ivy Faske on October 9, 1948 in Forest Hills, New York. . "We believe the area will continue to undergo redevelopment and improvement over the next five years," said Savitt. $32 million of financing was arranged by Fred Leffel of Granite granite, coarse-grained igneous rock of even texture and light color, composed chiefly of quartz and feldspars. It usually contains small quantities of mica or hornblende, and minor accessory minerals may be present. Partners. |
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