New York
129 West 29th Street in $54M sale contract
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Epoch Media’s TV arm buys Chelsea office for $31M
Samson Management sold 129 West 29th for barely half of what it paid in 2012
A far-right media outlet is building a presence in West Chelsea.
New Tang Dynasty, the television arm of Epoch Media, purchased the office building at 129 West 29th Street for $31 million, the Commercial Observer reported. The deal for the 86,000-square-foot property breaks down to $360 per square foot.
The seller was Samson Management, a developer based out of Queens. Samson took a hit with the 12-story property sale, considering it purchased the building from Joseph Sitt’s Thor Equities for $54 million in 2012.
At the time of that deal, even Samson leaders seemed able to acknowledge the firm may have spent too much for the property. Anold Goldstein, a principal at Samson, joked with the Observer, asking, “So are you going to ask me why I overpaid for the property?”
Goldstein answered his own question, saying it was important to hold on to the property as the neighborhood grew, especially due to its proximity to Penn Station and Midtown South.
Spokespeople for NTD and Samson did not respond to the Observer’s requests for comment. NTD also has an office at 229 West 28th Street, roughly a block away from its purchase.
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129 West 29th Street in $54M sale contract
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Epoch Media and its most well-known entity, the Epoch Times newspaper, were founded by John Tang. Tang follows the Falun Gong religious movement, which opposes the Chinese Communist Party, homosexuality, feminism and modern medicine. The religious movement is headquartered in Deerpark, New York.
A $8.4 million donation during the 2020 presidential election boosted the Epoch Times before it surged in popularity in the early days of the pandemic, publishing scores of conspiracy theories related to issues like Covid-19 and QAnon.
Other media and publishing companies to make small office purchases nearby in recent months include Japanese manga publisher Kodansha buying 25 East 22nd Street for $27 million and Korean media company MediaWill purchasing 110 West 32nd Street for $37 million.