‘Sexy’ Storefronts Could Help Pull in $100M for Meatpacking Portfolio
Al Barbarino Feb. 18, 2014, 11:07 a.m.
A prime Meatpacking District corner on the market could attract more than $100 million, according to brokers handling the space.
The 63,000 square-foot, three-property parcel, spanning 44-48 and 50-52 Ninth Avenue, 351 West 14th and 362-364 West 15th streets, includes 220 feet of retail frontage wrapping the northeast corner of Ninth Avenue and 14th Street.
The list of addresses houses Italian restaurant Scarpetta, The Diner, cosmetics boutique L’Occitane; and a 42,000 square-foot apartment complex known as Gansevoort Mews, which runs through the block.
“This is an offer for somebody who believes rents will only rise” Brookfield Financial’s Eric Anton, who is marketing the space, told the New York Post. “The sexy storefronts will remain.”
Mr. Anton stressed that the buildings are an investment and not a development opportunity, noting that, despite 25,000 square feet of unused development rights on the site, restrictions would make that option difficult; first because they lie in the city-designated Gansevoort Market Historic District, and second because 82 apartments in the Mews are rent-stabilized.
The package includes a vacant 14,000 square-foot retail space next door to Scarpetta.