B&H reportedly purchased Brookfield’s 10-story 333 West 34th Street building for $150 million. The 287,000-square-foot property is just around the corner from the photo retailer’s iconic retail store at 420 Ninth Avenue.
This news arrives according to real estate publication The Real Deal, which reports that B&H scored a significant deal on the property. While the $150 million price tag sounds extreme, it is $105 million less than the building’s prior owner, Brookfield, spent on it in 2018. This loss reflects the changing real estate market in New York.
While The Real Deal first reported the deal on Monday, the new owner didn’t become apparent until property records were released the following day.
B&H purchased the building through an LLC signed by Zalman Gottlieb, B&H’s financial controller. It’s not clear who brokered the deal, as B&H did not respond to The Real Deal‘s request for comment.
However, a spokesperson for Brookfield confirmed the sale of the 333 West 34th Street building to Commercial Observer.
“The sale of 333 West 34th Street to a user is a win for both parties, granting this strategic buyer control over its future home and allowing Brookfield to deploy capital toward high-performing assets elsewhere,” the Brookfield spokesperson said.
The building has a few current tenants, including the Metropolitan Transportation Authority, Sam Ash Music, and Godiva. According to property database Compstak, the MTA is leasing between 100,000 and 150,000 square feet in the building through 2035, while Sam Ash Music’s 20-30,000 square-foot lease expires in 2032. Chocolate company Godiva’s lease for 40-50,000 square feet of office space expires next year.
While B&H has yet to comment on the acquisition, that a Brookfield spokesperson referred to the buyer as securing its “future home” is notable. The proximity to B&H’s famed storefront, just around the corner from the new property, is also noteworthy. It would not be a complicated move from a practical or marketing standpoint. It is also worth considering that the newly purchased building is more extensive than B&H’s current space, and B&H reportedly has separate executive offices in an adjacent building.
Image credits: Header photo licensed via Depositphotos.
