Massey Knakal Retained Exclusively To Sell 16-Story Office Building In Penn Plaza District
Massey Knakal Realty Services has been retained on an exclusive basis to sell the 16-story Class B office building at 21 Penn Plaza, aka 360 West 31st Street in Manhattan’s Penn Plaza District. The building is located on the southeast corner of Ninth Avenue and West 31st Street. 21 Penn Plaza is owned by a joint venture of The Feil Organization and Savanna.
“Given Massey Knakal’s track record of deals in Midtown West and the Hudson Yards area, The Feil Organization and Savanna believe they are well-positioned to market this property and to maximize its value,” stated Jeff Feil of The Feil Organization and Nick Bienstock of Savanna.
The subject property contains approximately 378,547 rentable square feet and boasts approximately 98.75’ of frontage on Ninth Avenue and approximately 220’ of frontage on West 31st Street. The building’s occupancy rate is 98.44%. Approximately 67% of the building’s leases are expiring within the next five years. Therefore, new ownership can almost immediately take advantage of significant upside potential.
21 Penn Plaza is surrounded by some of the largest private and public development projects in the city, and is centrally located near various modes of transportation and hubs, making it an accessible and desirable place for tenants. Its prime location makes it a rare acquisition opportunity for investors in one of New York’s thriving office markets.
“This is a great asset in the heart of the corridor between Penn Station and Hudson Yards. With the new station entrance planned on 31st Street between Eight and Ninth Avenues, this property is poised for tremendous growth in the years to come,” stated Massey Knakal’s Bob Knakal, who is marketing the site with Jonathan Hageman and David Kalish.