240 WEST 40TH STREET

240 West 40th Street New York, NY 10018

  • 158,632 Square Feet
  • Office
  • For Sale

Summary Description

A 13-story, 158,632 SF office building located between Seventh and Eighth Avenues. 100% leased to DKNY through July 2020, and four ground-floor retail tenants. Penn Plaza/Garment District submarket.

Property Status: Available

Building Size: 158632 Square Feet

Area Available: 158,632 Square Feet

Size:

158,632 SF

Features:

  • A 13-story, 158,632-square-foot office building situated between Seventh and Eighth Avenues. 12-foot+ ceilings, protected northern exposure and usable outdoor space with signage.
  • Rare, Single-tenant office building, 100% leased to Donna Karan New York (“DKNY”) through July 2020.
  • If DKNY opts not to remain at the property, or a new owner decides not to retain DKNY’s tenancy in 2020, there is a unique opportunity to undertake a complete re-imagining of the property with multiple exit strategies, including creative office space
  • Four ground-floor retail tenants.
  • Steps from Port Authority and under a 15-minute walk to Penn Station and Grand Central Terminal, nearly every subway line and commuter rail is easily accessible.
  • Mark-to-market upside of nearly $1 million, of which $700,000 occurs in the first 18 months, as the four retail tenants are 48% below market.

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