NEW YORK CITY-In a single transaction, two properties in the Meatpacking District were sold for $70 million by Christopher West Realty LLC. The adjacent properties, 414 and 416-418 W. 14th St., were purchased by 414 W. 14th Owners LLC and CRP West 14th Street TIC Owner LLC, also known as The Carlyle Group and Sitt Asset as a spokesperson for Carlyle confirms.
Christopher West Realty purchased the buildings in March 2006 for $18.5 million. A source close to the deal tells GlobeSt.com that the buildings were delivered vacant because of a renovation construction which is currently continuing.
A five-story, 9,905-sf building occupies 414 W. 14th St. It was designed by architect Joseph Dunn and built in 1887. 416-418 W. 14th St. consists of a 16,148-sf building designed by S.W. Johnson and built in 1874. It was originally referred to as the Merchant's Print Works Warehouse. Both properties are zoned commercial and contain air rights for additional floors above the existing buildings. Thelen Reid Brown Raysman & Steiner LLP acting as legal advisor for the seller.
Principals of Christopher West Realty include Terrence Lowenberg and Todd Cohen of the Icon Group, and Michael Miller of Real Estate Equities. The trio is well-known for its luxury condominium development at 83rd Street and Park Avenue. 985 Park Ave., which was the first new construction on Upper Park Avenue in decades, quickly sold through all available units–including five full-floor duplexes, a garden triplex and a penthouse triplex.
Dennis A. Konner and Joseph Mascia with Thelen represented Christopher West Realty. The purchaser was represented by Eric Hoberman of Kriss & Fuerstein LLP and Alison Ando and Scott Koback of Simpson Thatcher & Bartlett LLP. Hypo Real Estate Capital Corp. provided financing for the transaction and was represented by Warren Bernstein and Michael Boccio of Kay Scholer LLP.
Konner, who is a partner in the real estate practice at Thelen, has worked with the Icon Group since 2003. In the past year, he has represented the owner/developer in the purchase of 42 residential properties in Manhattan, including the acquisition of a portfolio of 34 buildings from the Klein Family for $229 million, including reserves.
“While the Meatpacking District buildings are very valuable properties in a desirable neighborhood, we wanted to focus our efforts on other developments,” notes Lowenberg of the Icon Group in a release. Another recent acquisition by the Icon Group is a former SRO hotel on West 22nd Street, for $30 million, including reserves. The property is being converted into an 81-room boutique hotel with retail/commercial space on the ground floor.
“Given the tight credit environment and constantly changing market conditions, we were very pleased that Thelen was able to have the sale proceed without delay,” adds The Icon Group's Cohen in a release.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
