January 15, 2015
NoMad real estate continues to amaze, and the latest jaw-dropping acquisitions come at 24-28 West 25th Street and 40 West 25th Street. The reported cost for both properties together was $210 million — a fantastic return when they sold for $115 million just two years ago.
The buyer of both properties is Jowa Holdings, a Japanese investment firm who entered the New York market in 2013 with the purchase of 440 Ninth Avenue. NoMad is no stranger to international investments, but this latest story certainly received much attention in the press, further igniting an already red-hot NoMad market.
Both of the properties in the deal are 12-stories tall, boast 130,000 square feet each, and sit just west of Madison Square Park. In addition to office space, 40 West 25th Street has substantial retail space as well. Showplace Antique + Design Center currently occupies this location, with a lease that is said to extend another five years. No word yet on any future plans, but NoMad’s retail spaces are fast becoming one of the city’s hottest commodities.
Brickman Real Estate will continue to manage building the operations of both properties and will remain responsible for leasing.