AM Property Holding pays $133M to Clarion Partners for office in Garment District

AM Property Holding through the entity 114 W 41 Owner Bh LLC paid $133 million to Clarion Partners through the entity Columbia New York 41st Street Office Properties for the office building (O4) at 115 West 40th Street in Garment District, Manhattan. The expected use is cash flowing.
The deal closed on November 25, 2025 and was recorded on December 3, 2025. The property has 304,345 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $437 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 12, 2018, for $282 million. The signatory for Clarion Partners was Christine Kang . The signatory for AM Property Holding was Nathan Wasserman and Paul Wasserman . The contract date was August 8, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer AM Property Holding had purchased any other properties and sold two properties in two transactions for a total of $45.2 million over the past 24 months.
The seller Clarion Partners had not purchased any other properties and sold one property in one transaction for a total of $32 million over the same time period. The 304,345-square-foot property generated revenue of $20.6 million or $68 per square foot, according to the most recent income and expense figures.

The property

The office building in Garment District has 304,345 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 79 feet and is 197 feet deep with a total lot size of 13,800 square feet. The lot is irregular. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $105.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,512 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 19, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 8th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 10.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 11 of the 13 commercial properties representing 2,982,086 square feet of the 2,991,425 square feet. The largest owner is CIM Group, followed by Savanna and then L.H. Charney Associates.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 3 million square feet of built space are office buildings, with hotel buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Clarion Partners owned at least two commercial properties in New York City with 1,125,510 square feet and a city-determined market value of $473.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.

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