Labor Union Hopes to Fetch $11.5M for W.14th Street Home
Lauren Elkies Schram June 15, 2015, 4:15 p.m.
Workers United NY/NJ Regional Joint Board has put its West 14th Street home on the market for $11.5 million, Commercial Observer has learned.
The labor union, which occupies the building, has tapped Newmark Grubb Knight Frank to market the 1947 two-story, 4,932-square-foot building at 33 West 14th Street between Fifth Avenue and Avenue of the Americas.
A 2,582-square-foot development site, the property could be turned into a new retail and residential building. There are air rights available from neighboring properties. The site has 15,544 square feet of floor area ratio, or FAR, on West 14th Street and 25 feet of frontage along the north side of West 14th Street.
“Located along one of Manhattan’s major retail thoroughfares, this property provides an excellent opportunity for a newly constructed retail destination,” said David Noonan, a senior managing director of NGKF Capital Markets, in prepared remarks. “It offers the benefits of a thriving residential condominium market in Greenwich Village and the Flatiron District.”
Mr. Noonan is marketing the property along with Jennifer Schwartzman, a senior managing director at NGKF Capital Markets.
The union will take a short lease-back while it decides where to relocate.