Transactions - JULY 22, 2014

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Harbor Group JV sells Manhattan office for $250m

by Andrea Waitrovich

A joint venture between Harbor Group International, and Israel-based firms Migdal Insurance and Menora Mivtachim Holdings has sold the 415,135-square-foot Fashion Gallery office property in Manhattan.

The buyers are Isaac Hetrit and Ray Yadidi. The sales price was $250 million, or $602 per square foot.

The 24-story office property located near Times Square was built in 1927 and is 97 percent occupied. It has 14,433 square feet of street retail space. Major tenants include Jessica McClintock, Americana Fabrics and Beacon Productions.

The previous owners acquired the property in 2010 for $151.3 million and invested approximately $10 million for renovations. 

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