The Real Deal New York

Four Garment District properties hit market as single land lease

March 14, 2012 05:30PM
By Guelda Voien

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From left: Gabriel Bullaro and the buildings at 216, 220 and 222 West 30th Street

A trio of owners have decided to pool their four occupied properties and market them together, creating a 10,000-square-foot plot on West 30th Street that their exclusive broker, Gabriel Bullaro, suggests would work well for a hotel or residential development, The Real Deal has learned.

The owners of 216 (which is a pair of buildings), 220 and 222 West 30th Street, which lie between Seventh and Eighth avenues in the Garment District, are offering the land for lease, according to Bullaro, an independent broker, who said the asking price for the combined space was $1.2 million per year. The two-story buildings are not available individually.

Bullaro said the lease term for the land would be long — “49 years, I’ve seen, or 60 years,” he said, of other, similar land lease deals with which he is familiar.

The plot currently holds small commercial buildings occupied by garment wholesalers, and the new leaseholder could demolish them. Under the parcel’s current zoning — M1 6D — offices, hotels, residences and “most retail uses” are permitted, according to the Department of City Planning’s website.

Theodore Kotopoulos owns two of the buildings in the amalgamation with his wife, Jean. Kotopoulos confirmed the plan for leasing the site. The other owners, two unidentifiable LLCs and Rockland County-based Hemat Realty, could not be reached for comment.

The Garment District has seen a wave of hotel development of late, as the Eventi and Setai Fifth Avenue have gone in, and Marriott hotels are planned at 960 Sixth Avenue and 25 West 37th Street.

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