Ben-Josef Group Holdings acquires interest valued at $79.7M for office building in Garment District

Ben-Josef Group Holdings through the entity 104 W 40 Development LLC acquired a 62.5 percent interest from an affiliate of Princeton International Properties through the entities Sunshine 40, LLC and 104 West 40th SN, LLC valued at $79.7M for office building (O4) at 104 West 40th Street in Garment District, Manhattan.
The deal closed on July 16, 2021 and was recorded on August 6, 2021.
The property has 173,108 square feet of built space and 0 square feet of additional air rights for a total buildable of 153,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $460 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 owner bought the property on 9-Jan-13, for $103.0 million.
The signatory for Ben-Josef Group Holdings was Ronen Ben-Josef.

At the same time as this transfer, Princeton and Ben-Joesph Group Holding refinanced the property with a $72 million loan from Wells Fargo.

Within a 400-foot radius of 104 West 40th Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, six were loans above $5 million totaling $640.4 million. The most recent of the six was John H.K. Belt which borrowed $7 million from The Bank of New York Mellon secured by the 99,058-square-foot, 19-unit office building (O6) on 60 West 40th Street on May 12, 2021.

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