Building for Sale!
Commercial Observer
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Continuing what’s proven to be a robustly busy time for New York City investment sales, the owners of a newly built West 14th Street office building have put it on the market. Find out more. Also for today: Two well-known names in commercial real estate have teamed on a new advisory practice.
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— Tom Acitelli, Deputy Editor
KPG’s Recently Developed Office Building at 132 West 14th Hits the Market at $50M
KPG Funds has put its newly completed office building at 132 West 14th Street, called Le Gallerie, on the market, Commercial Observer has learned. The seven-story Greenwich Village building between Avenue of the Americas and Seventh Avenue is for sale for approximately $50 million, according to a source with knowledge of the deal. "Le Gallerie is a rare offering in a highly coveted submarket with an extremely limited supply of newly developed seven-star quality office space," JLL’s Jonathan Hageman, who is marketing the property along with Vickram Jambu, said in a statement. "KPG Funds has delivered the very best product of its kind in the market. As the city’s leasing market continues to outperform expectations, we anticipate a great deal of interest in this property." KPG took over the 62,000-square-foot property in July 2021 when it signed a 99-year ground lease with the Salvation Army to convert the aging office building into Class A space.
Darcy Stacom, Wendy Silverstein Launch Real Estate Advisory Firm StacomSilverstein
Darcy Stacom and Wendy Silverstein, both veterans of New York City real estate, have teamed up to launch StacomSilverstein, a new real estate advisory firm based in the city. Stacom made a name for herself as CBRE’s top investment sales broker and earned the nickname the “Queen of Skyscrapers,” but left the firm last year to launch her own Stacom CRE. Meanwhile, Silverstein founded Gapview Ventures in January 2023 and was executive vice president and co-head of acquisitions for Vornado Realty Trust from 1998 to 2015. “[Wendy and I] just had a realization that right now in the market there is a need for our combined skills and experience,” Stacom told Commercial Observer. Together, Stacom and Silverstein (no relation to well-known developer Larry Silverstein) will lead StacomSilverstein and work with clients.
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