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Acquisitions

Alduwaliya acquires two Garment District office buildings

142 West 36th Street and 234 West 39th Street (Credit: Google Maps / TRD)

Alduwaliya Asset Management has entered into contract to acquire two mid-block Garment Center office buildings from Tod Waterman + USAA for $140 million, according to NYPost. The first building is located at 142 West 36th Street, and spans 119,203 square feet, while the second one has an address of 234 West 39th Street and spans 91,943 square feet. 

Spotting a trend: The wealthy Qatari buyer is no stranger to the area. He paid $123.5 million for 250 West 39th Street in 2015, and $167.1 million for the Hilton Homewood Suites at 312 West 37th Street.

Tenancy: Both buildings have mix of fashion and tech tenants (e.g. Elite SEM and RapidSOS). The building on West 39th Street includes 30,000 SF of unused air rights.

Flashback: The seller paid $117.75 million for the two buildings in 2015.

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