Cayre Equities, led by Ken Cayre, purchased the 16-story office building at 254-258 West 35th Street in the Garment District for 16.2 m. The company plans to convert the 106,000-square-foot property into self-storage, aligning with its expertise in this sector through the Treasure Island Storage brand. The building was previously owned by the Tekiner family, embroiled in legal disputes over its real estate holdings. The property’s sale price was significantly lower than the offers received in 2021, ranging from 30 m to 50 m.
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