Popular electronics retailer B&H Photo is the firm that got a good deal on the Garment District office building that real estate giant Brookfield recently sold at what looked to be a more than $100 million loss, according to sources familiar with the transaction.
Brookfield had purchased the property at 333 W. 34th St. for $255 million in 2018 and recently sold it for $150 million, property records show. The 10-story office building spans roughly 350,000 square feet and was the longtime home of a Sam Ash music store before the company closed all of its locations last year.
Representatives for Brookfield and B&H did not respond to requests for comment on the deal by press time.
B&H’s electronics superstore is located right around the corner at 420 Ninth Ave. and has long been a staple of the neighborhood. However, the retailer appears to be planning a move to 333 W. 34th St., as Brookfield spokeswoman Laura Montross referred to the property as the buyer’s “future home” in an earlier statement to Crain’s.
It was unclear at press time if such a move would replace or add to the firm’s Ninth Avenue store.
If B&H does indeed move its store into 333 W. 34th, it would join a growing number of retailers opting to own their own space. The trend was highlighted by a pair of blockbuster Fifth Avenue deals from Prada and Kering, the parent company of Gucci, but smaller businesses have also joined in, including the Italian restaurant Rosemary’s and French skin care firm Caudalie.
