Cayre Equities turned a tidy profit on a Midtown South office building, likely thanks to the neighborhood’s rezoning. The firm sold a 16-story property at 254 West 35th Street in the Garment District for $26.2 million, notching a roughly $10 million gain in less than two years. Cayre bought the 106,000-square-foot property in December 2024 for $16.2 million with plans to convert it to self-storage, then flipped it to Joel Wertzberger’s Joyland for a 62 percent jump in value, property records show. The deal comes six months after the City Council approved Midtown South’s long-awaited rezoning, unlocking high-density residential development […]

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