Namdar Realty Group, Empire Capital, and Mason Asset Management bought 321 West 44th Street in Hell’s Kitchen from Related Companies for $40.5 million, a 73% discount from its 2018 purchase price of $153 million. The sale marks a significant devaluation of the 181,000-square-foot office property, breaking down to $224 per square foot. The deal was a short sale, indicating Related and its lenders accepted a loss. The sharp price drop reflects the impact of high interest rates and the pandemic on the office market. Namdar holds a 92.5% stake, while the building’s tenants include Battery Studios and AKA.
321 West 44th Street
