131 West 33rd Street is Manhattan's newest Office Condominium opportunity, offering business owners the chance to reap the benefits of capital appreciation and avoid the City's ever surging rental rates while enjoying higher levels of managements and control.
Located in the heart of Penn Plaza – an area primed for dramatic redevelopment and expansion as a 24/7 business district – 131 West 33rd Street is a 16-story office tower with approximately 208,805 rentable square feet for sale.
Built in 1960, the office tower is located on the north side of West 33rd Street between Sixth and Seventh Avenues, just steps from Penn Station and convenient to the A, C, E, N, R, Q, W, 1, 2, and 3 subway lines. A variety of showroom, office and retail tenants currently occupy the building.
131 West 33rd Street offers a host of unique opportunities and benefits to investors:
• The Penn Plaza Renaissance. Soaring Midtown office rents have attracted many professional businesses to the Penn Plaza area, which was once primarily occupied by garment and textile business. The influx of new businesses and employees has spurred a "Penn Plaza renaissance" of sorts, with plans for dramatic transformation and redevelopment in the area over the next 5-10 years.
• Opportunity for near-term vacancy. With only non-retail tenant lease extending beyond July 2011, the building is well positioned to be vacated and repositioned in conjunction with the Penn Plaza renaissance.
• Available showroom space. As one of the last remaining showroom buildings in Manhattan's "Garment District," 131 West 33rd Street's ample vacancy and showroom space makes the building highly desirable to remaining showroom tenants in the area.
• Contiguous space. More than 100,000 square feet of contiguous office space will soon be available, perfect for a tenant looking for ample connected space, a commodity that is hard to come by in Manhattan.