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132 West 31st

Address

132 W 31st Street, New York, NY

Square Feet

418,402 SF

Major Tenants

Northern Leasing, 24/7 Real Media, Merisel

Submarket

Penn Station, New York, NY

Acquired

July 2004

Property Overview

132 W 31st Street is a 418,402 SF office building located on 31st street, running full block to 30th street, between Avenue of the Americas and Seventh Avenue, in the Penn Plaza district of Midtown Manhattan. The building is currently 95% occupied and is located one block from Penn Station, Madison Square Garden and the Farley Post Office Building.

Investment Strategy

C&K recognized the opportunity to acquire a highly attractive yet undercapitalized office building located within one block of the Moynihan Station redevelopment project, an estimated $14 billion investment of federal, state and private capital for the proposed relocation of Penn Station to the Farley Post Office building. The building also benefits from the approximately 500,000 people per day that pass through Penn Station, providing regular commutation traffic to retail tenants and making the building a highly attractive option for New York area employers. C&K has enjoyed stable cash flow from 132 W 31St Street, while investing significant capital improvements into the building’s systems and exterior. C&K’s asset management department continues to proactively manage the building’s tenancy, successfully extending all near term lease expirations and keeping the property at new 100% occupancy. C&K stands to gain significant upside through the continued revitalization of the Penn Plaza submarket and stands ready to reap attractive risk adjusted returns either upon sale or in the form of higher rentals on lease rollover.

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