Three-Building Midtown Portfolio Sells for $52M

NEW YORK CITY-Three adjacent buildings, two on Fifth Avenue and one on West 34th Street, have been sold by Dah Chong Hong Trading Corp. in a $52-million deal. Lloyd Goldman’s Jacob First LLC bought the properties, which are known as the DCH Portfolio.

Eastern Consolidated Properties director Mingo Lee represented the seller and procured the buyer of the properties, which Goldman had owned for 20 years.

The three contiguous office buildings, 1 W. 34th St., 358 Fifth Ave. and 362 Fifth Ave. comprise roughly 222,000 sf with a 16,729-sf footprint. Together, the three buildings form a square at the corner of 34th Street and Fifth Avenue.

Between them, the three properties feature a combination of ground-floor, basement and mezzanine retail space. Duane Reade opened a roughly 16,000-sf two-level store that has frontage on 34th Street as well all the 358 and 362 Fifth Avenue frontage. It replaced a GreenPoint Savings Bank branch. There is a Champs Sports outlet in the 34th Street building, which replace a Bakers shoe store. Bakers moved next door to a roughly 5,000-sf space at 358 Fifth Ave., and is now sandwiched between Duane Reade and Champs.

According to Lee, the owners decided the timing was right for a sale. “This was the only investment property they owned” Lee tells GlobeSt.com. “They thought it was a good time to sell. The ownership is basically in the auto dealership business.”

Lee notes that the transaction was a smooth one. “Relatively speaking this was a fairly quick deal. The whole process might have taken seven or eight months.”

1 34th St., built in 1906, is a 12-story structure comprising 65,000 sf with 5,300-sf floorplates. 358 Fifth Ave., the corner building, is the largest and tallest of the three properties at 14 stories and 95,300 sf. The building was constructed in 1920 and has 6,441-sf floorplates. 362 Fifth Ave. was also built in 1920. Like 1 34th St., it is a 12-story, 65,000-sf property with floorplates of around 5,000 sf.