MRP Puts Vacant Midtown Office Condo On The Market
MRP Realty and Long Wharf Realty Partners have put their office condo at 135 West 52nd St. on the market.
The property consists of 60K SF, spread over six floors, that were renovated as office space by Joe Chetrit when he converted the 47-story former hotel into a mixed-use development of luxury condo apartments above offices. MRP and Long Wharf bought the office component from Chetrit in 2015 as part of MRP's entry into the New York market, and are now looking to flip it for a hefty profit, Crain's New York reports.
The partnership has enlisted JLL to market the space, which has been vacant since construction, and listed its value at approximately $60M — 67% more than its 2015 sale price. A small office has been built out on the fifth floor, either for a smaller tenant ready to move in or as a template for a larger tenant's build-out. MRP and Long Wharf had tapped Newmark Knight Frank to market the space to office tenants.
Potential tenants would have access to an outdoor terrace on the seventh floor and a fitness center, both of which serve as amenities for the residential tenants in the floors above. Any office tenant would also have the right to display prominent signage on the front of the building, which received a new glass facade and modernized elevators as part of the 2015 redevelopment.
