Savanna has purchased a newly built, 24,682-square-foot corner retail property in the Meatpacking District underneath the High Line, Commercial Observer has learned.
The real estate private equity and asset management firm acquired 461 West 14th Street from Michael Miller and son Brandon Miller‘s Real Estate Equities and Alfieri Development, the lender and project construction manager, Savanna announced. Savanna declined to indicate the price, but a May 2014 article in The Real Deal said that Savanna made an offer of $85 million for the site on May 12.
The vacant former Mobil gas station is on the corner of 14th Street and 10th Avenue and offers three storefronts. The property’s floor plate can be configured into one or two large retail spaces or several smaller spaces.
“461 West 14th Street offers unparalleled corner visibility and access along the thriving 14th Street retail corridor,” said Justin Oates, a senior associate at Savanna, in prepared remarks. “Situated directly north of the High Line entrance on 14th Street and facing Chelsea Market on the 15th Street side, the property is uniquely positioned to benefit from the continued growth of the Meatpacking District.”
Real Estate Equities and Alfieri formed an LLC to develop the property and took out a ground lease in 2012, which ran until 2059, but that ground lease “collapsed at closing,” a source with knowledge of the deal said.
Avison Young‘s Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley were the lone brokers in the deal. They declined to further comment through a spokesman.
“By transforming 461 West 14th Street into an incredibly unique space under the High Line, Real Estate Equities Corp. created an exciting opportunity that will offer retailers a highly prominent and dynamic location,” Mr. Helman said. “The company’s visionary approach to developing this property enabled us to quickly identify a high-caliber purchaser for the site.”
Amy Zhen of JLL is marketing 461 West 14th Street.