Manhattan Coworking Building Changes Hands
- Jun 18, 2020
Shorewood Real Estate Group has sold The Assemblage NoMad, a 48,000-square-foot office building in Manhattan, for $41.3 million, according to public records. The buyer assumed the existing debt on the building, a $35 million loan provided by Arbor Realty Trust in 2018. The note matures in July.
Located at 114 E. 25th St., the property—originally an industrial structure—was originally completed in 1921. Yardi Matrix shows that, in 2017, Shorewood redeveloped the industrial warehouse into office space designed by Mancini Duffy, transforming the nearly century-old structure into coworking space. Amenities include meditation and conference rooms, a rooftop garden and 4,000 square feet of retail.
The transit-oriented, Midtown Manhattan property is 15 miles from John F. Kennedy International Airport. The site is 1 mile from the 32,270-square-foot Lord Memorial Building, which traded for $28.3 million at the end of May. Children’s Aid sold the asset to Habib American Bank, which will operate its new headquarters inside the structure.