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Japanese group sells midtown property.

Japanese group sells Midtown property

A Japanese investment group has sold a midtown Manhattan office building, located at 29 West 57th Street.

Pacific 57th Street Inc., which purchased the building in 1987, has sold it to Holy Properties Ltd. The 60,000 square foot building is 90 percent occupied.

Among the buildings tenants are Jean Patou; a perfume company; B. D'Elia, a jewelry concern; and Cleeg Industries, a holding company.

Darcy Stacom, senior director, and Chris Kraus, director of Cushman & Wakefield, Inc. represented the seller. Gail Worth of Worth Capital Investments and James Smith of Smith Bernet Inc. represented the buyer.

"The seller chose to dispose of the property because it had a priority use for its capital in Japan," Stacom of Cushman & Wakefield said. "The buyers recognized they could get better return on their investment here, rather than in Europe, where they have other investments.

"Fifth-seventh Street continues to have a special appeal for both international tenants and investors," she added.
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Title Annotation:Pacific 57th Street Inc., 29 West 57th Street in midtown Manhattan
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Nov 27, 1991
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