Webster Bank Lends $34M on Meatpacking District Office Asset


A partnership between Aurora Capital and William Gottlieb Real Estate has secured $33.6 million of gap financing for its Manhattan mixed-use office building at 2 Ninth Avenue, property records show.

Webster Bank provided the gap mortgage loan for the joint venture’s six-story property in the Meatpacking District, which includes venture capital firms Fifth Wall Ventures and Elephant as tenants.

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Located at the corner of Ninth Avenue and Little West 12th Street, 2 Ninth Avenue welcomed Elephant as a tenant on the sixth floor of the building last year after the company signed a 10-year lease in late 2021 to occupy around 6,750 square feet.  Fifth Wall also inked a five-year lease in fall 2021 for 7,434 square feet at the property, which is also known as 1 Little West 12th Street. 

The 1913-built asset also houses Lucid Motors, which signed a lease in 2021. The property was previously home to French and Mediterranean restaurant Bagatelle

Officials at Webster Bank, Aurora Capital and William Gottlieb Real Estate did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com