Blake Partners pays $26.5M to Walter & Samuels for office in Garment District

Blake Partners through the entity 39w37 Associates LLC paid $26.5 million to Walter & Samuels through the entity Daval 37 Associates, LLC for the office building (O6) at 39 West 37th Street in Garment District, Manhattan. The expected use is cash flowing.
The deal closed on December 18, 2025 and was recorded on December 23, 2025. The property has 98,270 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $269 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 signatory for Walter & Samuels was David I. Berley . The signatory for Blake Partners was Ethan Marcovici . The contract date was August 23, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Blake Partners purchased four properties in two transactions for a total of $48 million and sold four properties in two transactions for a total of $62 million over the past 24 months.
The seller Walter & Samuels had not purchased any other properties and sold 18 properties in 15 transactions for a total of $202.7 million over the same time period.

The property

The office building in Garment District has 98,270 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 98 feet deep with a total lot size of 5,925 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $16.2 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 $21,650 in OATH penalties in the last year.

Development

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 7th highest sale turnover among other neighborhoods in the city with $1.5 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 32 commercial properties representing 680,873 square feet of the 1,281,796 square feet. The largest owner is Jay Suites, followed by Rosen Equities and then Hilson Management.
On the tax block, there was one new building construction project filed totaling 65,961 square feet. It is a 200-unit, 65,961 square-foot hotel/dormitory/shelter (R-1) building submitted by William Obeid with plans filed July 19, 2013 and permitted July 12, 2018.

The majority, or 76 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Walter & Samuels owned at least six commercial properties in New York City with 750,249 square feet and a city-determined market value of $105.8 million. (Market value is typically about 50% of actual value.) The portfolio has $99.7 million in debt, borrowed from Bank of America and Citibank. Within the portfolio, the bulk, or 58 percent of the 750,249 square feet of built space are office properties, with industrial properties next occupying 41 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Queens next at 41 percent of the space.

The buyer

The PincusCo database currently indicates that Blake Partners owned at least four commercial properties with six residential units in New York City with 375,338 square feet and a city-determined market value of $26.5 million. (Market value is typically about 50% of actual value.) The portfolio has $37.7 million in debt, borrowed from Peapack-Gladstone Bank and Principal Real Estate Investors. Within the portfolio, the bulk, or 81 percent of the 375,338 square feet of built space are industrial properties, with specialty properties next occupying 18 percent of the space. They are all located in Queens.

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