Brookfield sells 286K sf office building in Garment District for $150M, was $255M in 2018

UPDATED 4:10 a.m., March 19, 2025 with buyer: The entity SV333 Realty LLC by the signature of Zalman Gottlieb paid $150 million to Brookfield Properties through the entity BPREP 333 W 34th LLC for the 286,520 office building at 333 West 34th Street in the Garment District, Manhattan.
The sale closed on March 11, 2025 and was recorded on March 17, 2025. The contract date was January 5, 2025. The buyer entity is at the address of 370 West 35th Street, which abuts the building to the west, and is owned by Taconic Partners.
Brookfield bought the building in January 2018 for $255 million.
A day after this article was published, The Real Deal reported the buyer was B&H Photo.

The property

The unit 1001 in Garment District has 193,470 square feet of built space according to a PincusCo analysis of city data. PincusCo cannot determine the lot area of the 345 West 34 Street parcel at this time. The city-designated market value for the property in 2022 is $39.2 million. The most recent loan totaled $105 million and was provided by Landesbank Baden-Wurttemberg on February 14, 2023.

The unit 1002 in Garment District has 81,575 square feet of built space according to a PincusCo analysis of city data. PincusCo cannot determine the lot area of the 345 West 34 Street parcel at this time. The city-designated market value for the property in 2022 is $20.5 million. The most recent loan totaled $105 million and was provided by Landesbank Baden-Wurttemberg on February 14, 2023.

The unit 1003 in Garment District has 11,475 square feet of built space according to a PincusCo analysis of city data. PincusCo cannot determine the lot area of the 345 West 34 Street parcel at this time. The city-designated market value for the property in 2022 is $3.5 million. The most recent loan totaled $105 million and was provided by Landesbank Baden-Wurttemberg on February 14, 2023.

Prior sales and revenue

This property was sold with 3 other properties for $255 million on January 5, 2018.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 10th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Garment District is the 5th most active neighborhood among other neighborhoods. It had 8.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 1,643,323 square feet of the 1,756,923 square feet. The two identified owners are Taconic Partners and Unification Church. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Brookfield Properties owned at least 56 commercial properties with 4,799 residential units in New York City with 24,876,733 square feet and a city-determined market value of $5.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $11.6 billion in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and ING Capital respectively. Within the portfolio, the bulk, or 60 percent of the 24,876,733 square feet of built space are office properties, with elevator properties next occupying 20 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

The surrounding

Within a 400-foot radius of 345 West 34 Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, one was in new building development. It was a new building permit issued on May 1, 2023 for a 45,859-square-foot hotel/dormitory/shelter (R-1) building with 166 residential units at 319 West 35th Street. Of those five items, four were loans above $5 million totaling $113 million. The most recent of the four was AB & Sons Group and Jacob Aini in which borrowed $20.3 million from Webster Bank secured by the 62,632-square-foot, 11-unit office building (O6) on 315 West 35th Street on January 21, 2025.

Direct link to the property’s ACRIS page and link to DOB NOW portal.