The office property located at 240 West 35th Street in Garment District, Manhattan, was sold in a closed transaction. The property spans 145,372 square feet and was acquired by Metropolitan Life Insurance Co for $30,000,000 from Atco Properties & Management. The price per square foot for this transaction was $206.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $30,000,000
• Buyer: Justin Besspiata - Metropolitan Life Insurance Co
• Seller: Merav Shalhon - Atco Properties & Management
• Date: 07/09/2024
• Address: 240 West 35th Street
• Market: Garment District, Manhattan

MetLife, represented by Lee & Associates NYC, emerged as the successful bidder in a foreclosure auction for the property at 240 W. 35th St. The acquisition took place after Atco Properties & Management defaulted on a $72.8M loan, leading to the transfer of ownership to Metropolitan Life Insurance Co in a deal worth $30,000,000.