Hyundai Luxury Car Division Taking 40K SF of Retail in Meatpacking District
Luxury car brand Genesis Motors has reportedly inked a lease for around 40,000 square feet of retail space at the Solar Carve Tower, presently under construction at 40 10th Avenue in the Meatpacking District.
Genesis, a wholly owned subsidiary of South Korean automotive manufacturer Hyundai Motor Company, is said to be taking the space at the base of the 10-story, 139,000-square-foot office tower currently being built next to the High Line between West 13th and West 14th Streets, The Real Deal reported Wednesday.
The transaction ranks as one of the priciest retail leases of 2017, according to TRD, with Genesis paying an estimated annual rent of $11 million, or roughly $275 per square foot. The deal will likely see Genesis take all of the Solar Carve Tower’s roughly 27,700 square feet of ground-floor and lower-level retail space, according to property marketing materials, as well as additional office space (such as most or all of the building’s 13,700-square-foot second floor).
Jared Epstein of Aurora Capital Associates handles retail leasing at 40 10th Avenue on behalf of the landlord—a partnership between Aurora and William Gottlieb Real Estate—while Richard Nassimi and Michael Lohan of The Nassimi Group represented the tenant, according to TRD. Representatives for Aurora and The Nassimi Group did not return requests for comment.
Construction on the Studio Gang Architects-designed tower, notable for its gem-like glass facade, began earlier this year and is slated for completion in early 2019. The building will feature a 10,000-square-foot shared outdoor roof deck and 8,000 square feet of outdoor space on the second floor adjacent to the High Line, as well as private outdoor terraces on eight of the nine office floors.
In September, TRD reported that Aurora and William Gottlieb had secured $120 million in construction financing from Bank of the Ozarks for the project. A Cushman & Wakefield (CWK) team led by Bruce Mosler is handling office leasing at 40 10th Avenue, though no office tenants have yet been announced.