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Jay Properties, the investment branch of flexible workspace provider Jay Suites, made headlines this week after purchasing a historic Midtown Manhattan building for $35 million.Â
The sale of the 12-story Beaux-Arts office property, located at 8 West 38th Street, was once owned by American investor John Jacob Astor and has been sold for the first time in 82 years. Â
The notable sale highlights the changing tides of commercial real estate trends in major U.S. metro areas like New York — where landlords are increasingly considering investments in flexible workspace solutions and traditional office space conversions. Â
The Real Deal reports that Jay Suites acquired the 142,000-square-foot Class B office building from the Felder family, who had held the property for the prior eight decades. Â
While 80% of the building was already occupied, it’s reported that the third floor of the building will be repurposed for Jay Conferences, a subsidiary of Jay Suites that specializes in leasing conference rooms to businesses. Founded in 2018, Jay Conferences has rapidly scaled its presence to six locations, catering to the evolving needs of businesses that now prefer hybrid and remote work models.Â
The strategic acquisition of this building reflects the broader trend in commercial real estate markets, where flexible workspaces are increasingly in demand by businesses. As more companies continue to transition out of traditional offices, flexible spaces that can accommodate occasional businesses gatherings, collaborative sessions, and corporate events could see even higher demand across the U.S. Â
Jay Suites’ latest investment not only preserves a piece of Manhattan’s architectural history but also aligns with the future of work, where flexibility and adaptability are more and more seen as key factors for success.Â
