Ten years ago, when The Real Deal signed its lease, rents at its 158 W. 29 St. home were $17 a square foot. With new rents in the mid-$50s per square foot, publisher Amir Korangy decided it was time to lock in a permanent space for the 13-year-old company.
At the end of the year, the real estate media company paid $8.5 million for its new home: 11,500 square feet on the fourth floor of the commercial co-op at 450 W. 31st St. in Hudson Yards. The deal clocks in at $739 a square foot.
The space has walls of views, and another $1 million will go toward renovations designed by Brooklyn-based Mesh Architectures.
“Nothing says you believe in New York City real estate more than buying New York City real estate,” Korangy explained.
The 110-year-old former chocolate factory sits between a new hotel and a tower being planned by former LA Dodgers owner Frank McCourt.
“Being the worst building on the best block is usually a good real estate play,” Korangy said, noting TRD can now build equity instead of watching money “go out the door.” With low interest rates, it comes to about the same monthly tab, he said.
Todd Korren and Christopher Hagerup of EVO Real Estate Group represented TRD, while the seller had Jeff Berman of Redwood Realty.
The Real Deal already has a Miami office and one opening Jan. 18 in LA — and is expanding research and promoting events around the globe. When TRD moves to its new digs in the spring, Korangy will also be hiring 11 new employees, bringing the total to 72.
