Thor Equities and ASB Real Estate Investments’ Allegiance Real Estate Fund have purchased 875 Washington Street in the Meatpacking District for $96.5 million.
The 60,000-square-foot, five-story building, between 13th and 14th Streets, features office and retail space and is located across the street from the High Line Park, a main driver in the neighborhood’s assent as one of the city’s most-travelled retail destinations.
“The Meatpacking District is the place to be in the fashion world, and as purveyors of high-end retail real estate, it is only fitting that we continue to expand our presence here,” said Joseph Sitt, CEO at Thor Equities, in a statement. “Situated among many of the world’s best nightlife, dining, and shopping outposts, 875 Washington is truly in the heart of the excitement and growth of Manhattan.”
The property offers 10,600 square feet of retail space on two levels, wrapping around Washington and West 14th streets for 207 and 51 feet of respective frontage. The retail space is currently home to Bond No. 9, Paige Premium Denim, and SCOOP, according to a press release from the two companies, and is in close proximity to The Standard Hotel, Christian Louboutin, Diane Von Furstenberg, STK, Apple store, and the future downtown home of the Whitney Museum.
In its first full year open, 2010, more than 2 million people visited the High Line Park, and the number of visitors flocking to the neighborhood is expected to double with the opening of the Whitney Museum in 2015, according to Thor Equities.
“The Meatpacking District has experienced a massive transformation over the last ten years, becoming a top destination for culture, art, high–end residential, entertainment, business, and hotel development,” said Robert Bellinger, president and CEO at ASB Real Estate Investments, in a statement. “This investment fits with ASB’s strategy to acquire competitively positioned office and High-Street retail properties with high NOI growth potential and strong demographic underpinnings.”
Thor Equities and ASB Real Estate Investments did not return calls seeking additional comment.