New York, NY – September 11, 2018 – Cushman & Wakefield and Rudder Property Group announced today that the real estate services firms have arranged the sale of an 11,750 rentable square foot (rsf) office cooperative located at 450 West 31st Street in Manhattan’s Hudson Yards neighborhood. The final closing price was $9,500,000.
Cushman & Wakefield’s Carri Lyon with Michael Rudder and Michael Heller of Rudder Property Group represented the seller, Studio 450, in the transaction. Todd Korren of Avison Young represented the buyer, Melkonian Capital Management, in the transaction.
“The pioneers who purchased space at 450 West 31st Street many years ago are being handsomely rewarded when they sell in today’s market. Studio 450 purchased the space well before Related and Brookfield conceived their development plans for the area and they took advantage of the tremendous appreciation in value that has occurred,” said Carri Lyon of Cushman & Wakefield.
“Hudson Yards continues to attract institutional and sophisticated finance firms. Melkonian Capital recognized that the top floors at 450 West 31st Street offers them a way to invest in the ever-changing neighborhood and design and create an exceptional office space,” said Michael Rudder of Rudder Property Group.
The office cooperative includes the entire 12th floor totaling 9,360 rsf and the building’s penthouse totaling 2,309 rsf. The property also includes a 4,750 square foot private terrace and a large dedicated basement storage area. The co-op boasts high ceilings and large windows offering great natural light, and the building recently underwent a fully-funded capital improvement program, including new elevators.
Located between Tenth and Dyer Avenues, 450 West 31st Street is steps away from the High Line in a neighborhood with new cultural institutions, residential development, open green space and ample restaurant and retail options. The property is easily accessible via the new 7 subway line extension, the A, C, E, 1, 2, 3 subway lines, Penn Station, and Port Authority Bus Terminal.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.