Qatari Firm Buying Garment District Office Buildings For $140M
Another Qatari-backed firm is throwing some money around in Midtown Manhattan.
Less than a week after Wafra partnered on putting the Coca-Cola Building under contract for $900M, Alduwaliya Asset Management, based in London and backed by a wealthy Qatari family, is in talks to buy two Garment District buildings for $140M, the New York Post reports.
Alduwaliya has agreed to purchase 142 West 36th St., a 17-story, 119K SF building, and 234 West 39th St., a 10-story, 92K SF building. Both properties have a mix of standard office tenants and fashion manufacturers, because of the Garment District's previous zoning. After the city rezoned the area to allow for office uses, foreign investors have ramped up their interest in acquiring those buildings, the Post reports.
Tod Waterman and USAA are the sellers on the properties. The partnership acquired them for $117.8M in 2015, and have spent millions renovating the buildings. 234 West 39th also comes with 30K SF of air rights that can be used to add density or can be transferred to another property.