Empire Capital Holdings, led by Josh Rahmani, is acquiring two Garment District office buildings at 256 West 38th Street and 229 West 36th Street for under 50 m — at least 68% below the 157 m Investcorp paid in 2017. The short sale means Investcorp sold for less than the mortgage balance. The buildings, totaling 268,000 square feet, may remain offices, but Empire Capital is considering storage or residential conversions due to the area’s rezoning. CBRE’s Doug Middleton and Jack Stillwagon brokered the deal.
256 West 38th Street
