ID Real Estate Partners sells office in Garment District for $9M

The entity 242 West 38th Partners LLC with unknown ownership, paid $9 million to ID Real Estate Partners through the entity 242 West 38th Street, LLC for the office building (O6) at 242 West 38th Street in Garment District, Manhattan.
The deal closed on May 7, 2026 and was recorded on May 11, 2026. The property has 47,661 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $188 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 ID Real Estate Partners was Ira Z. Fishman . The signatory for the buyer was attorney Joseph Cohen . The contract date was December 31, 2025.

Prior sales, articles and revenue

The seller ID Real Estate Partners had not purchased any other properties and had not sold any properties over the past 24 months. The 47,661-square-foot property generated revenue of $1.2 million or $26 per square foot, according to the most recent income and expense figures.

The property

The office building in Garment District has 47,661 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 35 feet and is 98 feet deep with a total lot size of 3,442 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 $4.7 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 three DOB violations and $2,180 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 10th 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 11.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There were 563 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 nine of the 17 commercial properties representing 1,460,067 square feet of the 2,750,711 square feet. The largest owner is Chetrit Group, followed by Rosen Equities and then Meyer Equities.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 2.8 million square feet of built space are office buildings, with industrial buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Id Real Estate Partners owned at least one commercial property in New York City with 47,661 square feet and a PincusCo-determined asset value of $7.1 million. The portfolio consists of at least a single office property.

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