The Zionist Organization of America’s building located at 4 East 34th Street has been acquired by Leo Tsimmer’s Caerus Group, The Real Deal reported. The purchase price was not disclosed since the deal is yet to be finalized, but was estimated to cost Caerus as much as $80 million including fees for the development rights.
The property is certainly worth the price since it is located right in the middle of mid-town Manhattan near the Empire State Building, Penn Station, Madison Square Garden and just a few blocks away from Grand Central Station. This is one of the most expensive commercial areas in the world for rents per square foot.
The building currently holds 29, 162 square feet and offers 52, 300 buildable square feet. The Zionist Organization of America first put the property on the market back in February and was reportedly looking for more than $40 million for it.
Caerus says that it specializea in the acquisition, development, stabilization, repositioning, and management of real estate assets in the residential, commercial and hospitality sectors.