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.
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