Sherwood Equities is following the sale of a vacant block west of Penn Station with the introduction of a second West Side property to the market.
Sherwood’s 440 Ninth Avenue, an 18-story, approximately 400,000-square-foot office building, is to be marketed by CBRE brokers Darcy Stacom and William Shanahan. Paramount Group, a major Manhattan office landlord, co-owns the property with Sherwood, with the latter holding the controlling stake.
The duo purchased the building in 2008 for around $160 million, and recent sales in the area suggest Sherwood and Paramount will likely make a significant profit. Next door, 333 West 34th Street sold for roughly $220 million in June and is smaller than 440 Ninth Avenue.
Sherwood’s recent sale of 350-366 10th Avenue, a vacant parcel occupying a full block between Dyer Avenue and West 31st Street, sold to former Los Angeles Dodgers owner Frank McCourt for $167 million last week. [Crain’s] — Julie Strickland