B&H Photo just pulled off a real estate coup for the ages, nabbing a 21-story building at 333 West 34th Street for $150 million—an eye-popping $105 million discount compared to Brookfield Properties’ 2017 purchase price. That stunning B&H acquisition alone would likely already rank as New York City’s biggest real estate story of 2025.
But it gets wilder from there. In a bold follow-up move, the beloved NYC institution scooped up the adjacent old Sam Ash music store at 333-335 West 34th Street for a relatively modest $21 million, revealing a strategic vision beyond a single property bargain.
B&H Photo’s Acquisition of 333 West 34th Street
“How did they do it?” New Yorkers are asking, and for good reason. Especially considering the story behind B&H itself.
B&H is a New York City institution. A family-owned retailer where the doors close every Friday for the Jewish Sabbath—millions in lost sales and everything. It’s where professional photographers and videographers chat with staff who know their f-stops from their apertures – expertise you can’t find online. It’s that place where you can’t help but look up to watch your purchase travel along those oddly mesmerizing overhead conveyor belts.
For thousands who consider B&H a second home and for the coffee shops, delis, and neighboring businesses that depend on its customer traffic, this expansion feels personal.
Sam Goldman’s bold $150 million bet defies critics who declared Midtown dead; Manhattan has plenty of gas in the tank.
Who is B&H and Why Do They Matter?
You’ve heard the name, walked past the storefront, and spotted those distinctive black and green shopping bags around the city. Maybe you’ve shopped there yourself and found yourself staring upward, mesmerized by the overhead conveyor belts shuttling camera boxes across the ceiling. Behind this unique shopping experience stands a retail success story that defies nearly every modern trend.
From Small Film Shop to Photography Empire
B&H Foto & Electronics Corporation opened in 1973 when Blimie and Herman Schreiber opened a tiny photography store in Manhattan’s Tribeca neighborhood. What started as a modest shop on Warren Street quickly outgrew its space, prompting moves to Chelsea (7th Avenue and 17th Street) before finding its current flagship home at 34th Street and Ninth Avenue in 1997.
While most retailers scrambled to open multiple locations, B&H doubled down on a single “SuperStore” experience at 420 Ninth Ave. The latest 333 West 34th Street acquisition (which we’ll detail even more below) also adds 287,000 square feet to their Manhattan footprint—a bold expansion move when many predicted retail’s demise.
Arguably, the most unique aspect of this business is that the store closes for Jewish holidays and Shabbat, offers free kosher candies at checkout and employs many Satmar Hasidic Jews. Even their website honors Shabbat by disabling checkout from Friday evening through Saturday night—walking away from millions in potential sales based on religious principles.
Digital Giant Hiding in Plain Sight
Don’t let the single storefront fool you—B&H has transformed into an e-commerce powerhouse offering over 400,000 products across countless categories. Online sales now account for more than 50% of the company’s revenue, and the company’s digital platform serves customers worldwide through international shipping options.
Consumer Reports repeatedly named B&H the leading electronics retailer in the United States. Newsweek recognized them among America’s Top Companies for Customer Service every year from 2019 to 2024. They’ve even won Webby Awards for their educational content on photography and videography.
Behind the scenes, B&H supplies major institutional clients, including universities, government agencies, and production studios. Their streamlined procurement process supports K-12 schools, higher education, state/local government, and corporate clients with competitive pricing, quick turnaround times, and a dedicated B2B team handling large-scale institutional orders.
The Details of the B&H Acquisition
Now, for the B&H acquisition and the details. Pretty much, B&H just pulled off a real estate power move that stunned Manhattan’s property moguls – securing prime Midtown real estate at discounts so deep they almost feel like pricing errors.
Tower Power: 333 West 34th’s Stunning Discount
The crown jewel of B&H’s expansion is a 21-story, 700,000-square-foot office tower at 333 West 34th Street. When Brookfield bought this building in 2017, they shelled out a whopping $255 million. B&H just snagged it for $150 million – a mind-boggling $105 million discount. We’re talking 40% off on Manhattan real estate, not a Black Friday TV deal.
Located steps from Penn Station and Moynihan Train Hall, the building sits in Manhattan’s transportation heart. The Metropolitan Transportation Authority (MTA) currently leases over 100,000 square feet through 2035, giving B&H steady rental income while they determine how to maximize their new vertical kingdom.
The timing couldn’t be better—most companies are desperate to dump office space right now, while B&H has secured its future in Midtown when land costs will inevitably rise again.
Music to Their Ears: The Sam Ash Bonus Buy
B&H doubled down on their bet by also scooping up 333-335 West 34th Street – the former home of Sam Ash Music Store. This New York institution closed in 2023 after five decades of selling guitars, drums, and musical dreams to aspiring rock stars and Broadway musicians.
The 35,256-square-foot retail space cost B&H just $21 million – practically pocket change in Manhattan terms and substantially below what market watchers expected the property to fetch.
Sam Ash was a neighborhood landmark where musicians carrying instrument cases were a common sight. Many locals worried about what would replace such a distinctive store. B&H brings a similar “destination” quality—it draws people from all over who make special trips specifically to visit.
With this acquisition, B&H now controls significant retail space on 34th Street, creating numerous possibilities for expanded customer experiences or logistics operations that complement their flagship Ninth Avenue store.
Deal of the Decade: Perfect Timing and Smart Money
B&H timed the market perfectly, striking when Manhattan office values hit their post-pandemic low. The price per square foot dropped to approximately $523 – numbers not seen in premium Midtown locations for years.
Office buildings have become challenging investments for traditional buyers. Remote work emptied towers, and financing grew expensive. Owner-occupiers like B&H can look past short-term trends because they’re buying for operational control, not quick returns.
Zalman Gottlieb, B&H’s financial controller, signed the acquisition papers under entity SV333 Realty. While B&H remains tight-lipped about specific plans, the company will likely use portions for warehouse space, expanded photo studios, creative workspaces, and potentially even educational facilities related to photography and electronics.
Midtown’s $150M Jolt: Why the B&H’s Acquisition Changes Everything
When a camera retailer suddenly outmaneuvers major real estate players at their own game, everyone from property developers to coffee shop owners should pay attention:
- Shocking Sticker Price Slashed: The $105 million discount B&H secured (buying for $150M what previously sold for $255M) shatters expectations for premium Midtown properties. Commercial tenants can now wave these numbers in their landlord’s face during lease negotiations. Property tax assessments will follow this downward trend, throwing NYC’s budget calculations into chaos.
- Cameras Replace Guitars: B&H grabbing the former Sam Ash location for just $21 million shows how fast retail fortunes flip these days. While musicians lost their iconic store, photography enthusiasts gained ground. Neighboring businesses already notice different customer flows – fewer guitar-carrying tourists and more camera-toting professionals. The bargain price for prime 34th Street frontage would have seemed like a typo pre-pandemic.
- Family Money Beats Wall Street: B&H outmaneuvered institutional investors because family ownership meant quick decisions without endless approval chains. While corporate buyers drowned in risk assessments and shareholder presentations, Zalman Gottlieb simply signed the papers. Other family-owned businesses with cash reserves are watching closely, ready to pounce on similar opportunities.
- Lunch Spots Can Breathe Again: Every restaurant, coffee shop, and retail store near 34th Street just got a lifeline. Unlike temporary pop-ups or struggling chains, B&H brings consistent customer foot traffic backed by a 50-year NYC track record. The morning coffee rush, lunch crowds, and after-work shopping patterns stay predictable.
- Old Offices, New Magic: B&H can reimagine their 700,000 square feet beyond boring cubicles. Picture photography studios where accounting departments once sat, classrooms teaching next-gen photographers, expanded same-day pickup areas, or immersive tech experiences showing off their latest gear. Manhattan’s aging office towers suddenly look less doomed when creative retailers lead the way.
The View Through B&H’s Lens: What Happens Next
There’s no way around it- B&H’s power move stands out like a neon sign in Times Square.
While other retailers fled to cheaper boroughs or surrendered to e-commerce overlords, B&H doubled down on Midtown with cold, hard cash and perfect timing. They didn’t just grab buildings – they snagged them at discounts that would make extreme couponers jealous.
Smart money always flows toward opportunity when others panic. B&H’s expansion proves the family-owned business sees beyond remote work doom-scrolling and office vacancy hand-wringing. They’ve calculated that physical presence still matters, especially when you sell gear that customers want to touch, test, and talk about face-to-face.
Watch for more owner-occupiers to follow their lead and transform tired office spaces into vibrant mixed-use properties. The days of entire skyscrapers dedicated solely to cubicles and conference rooms look increasingly shaky.
B&H bet $171 million that Midtown Manhattan isn’t only alive but worth investing in for decades to come. Coming from a retailer that survived Amazon, the rise of smartphones, and a global pandemic, that’s a perspective worth taking seriously.
