Olshan Represents Joint Venture in Purchase and Financing for Conversion of Garment District Office Building and Related Air Rights for $23.8M

The Real Deal, Commercial Observer (subscription required) and Yahoo Finance have reported on the purchase of 152 West 36th Street for $23.8 million from Falcon Properties by a joint venture between Flatiron Equities and self-storage developer Mequity Companies. The purchase included air rights from an adjacent parcel owned by an affiliate of the seller. The joint venture secured a $50 million acquisition and construction loan and plans to convert the eight-story Class C office building built in 1900 into a 16-story facility operated by Manhattan Mini Storage. The 46,004-square-foot property sits in M1-6 zoning and includes 28,500 square feet of air rights. The completed project will have 1,500 climate-controlled storage units across 75,000 square feet. Olshan handled the purchase of the property and the air rights, the joint venture agreements and the construction loan. Rosenberg & Estis represented the seller. Morrison & Foerster represented the lender. The Olshan team included Co-Chair of the firm’s Real Estate Law practice Thomas Kearns, real estate partner Hyman Kindler, real estate associates Sari Kreutzer, Cameron Klein, and Melody Schor and corporate associate Brian Roe.