New Penn pal sought for office tower; Owners of property in hot area seek to flip it after a year; Verizon, phone home.(Owners c&k Properties and Zamir Equities)(verizon information Services)(chain Laila Rowe)

Crain's New York Business, July, 2005 by satow, julie

Owners c&k Properties and Zamir Equities have put Penncom Plaza on the block for $120 million, or about $287 a square foot. Initial bids for the 417,000-square-foot property at 132 W. 31st St., which the sellers bought last August for $91 million, were due last week. The office building, which is fully leased, offers "the opportunity for residential conversion in a few years when the leases expire,'' says Studley broker Woody Heller, who is representing the sellers.

Interest in the area is increasing, he says, thanks to excitement about the coming development of the nearby Farley Post Office into a transit hub. The move to sell Penncom comes on the heels of C&K's sales of 156 William St. and of EAB Plaza in Uniondale, L.I. The timing of the deals is...

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