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MRP and Long Wharf Drop $36.25M on Midtown Office Condo

New York Office

A JV between MRP Realty and Long Wharf Real Estate Partners has paid $36.25M for a 55k SF office condo at 135 West 52nd St. The five floors sit at the base of a 47-story residential tower being developed by the Chetrit Group.

The office condo will have its own lobby entrance and its own address: 133 West 52nd St. Office tenants will have access to amenities like the gym and roof deck used by owners of the condos on the floors above.

Chetrit picked up the property for $180M in 2013 and is gut-renovating it. The new office condo owners plan to spend $8M upgrading their part of the building with new building systems and restrooms. [Crain's]