Swiss investor Afiaa pays $99M to ASB Capital Management and George Comfort & Sons for office property in Chelsea

Afiaa, the Swiss Foundation for International Real Estate Investments, through the entity Afiaa 158 West 27th Street, LLC paid ASB Capital Management and George Comfort & Sons’s 158 West 27th Street Owner, LLC, $99.4 million for 158 West 27th Street in Chelsea. The deal closed on October 24, 2019, and was recorded on October 30, 2019. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is square feet. The parcel(s) have total development potential of 108,000 square feet.
The average sale price per square foot is $920.
The estimated cap rate is 3.2%
Cushman & Wakefield’s Adam Spies, Douglas Harmon, Josh King, Marcella Fasulo, Adam Doneger and Kevin Donner brokered the sale. The last time the property sold was December 17, 2014, for $82,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 24, 2013.
Over the past five years, there have been 23 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 23 renovation/alteration projects (A2) applied for with a total estimated value of $3,530,648.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

Share this article