The Real Deal New York

Stellar’s Larry Gluck prepares to bring Meatpacking’s Milk Building to market

Eastdil Secured is marketing the property, which could trade for as much as $300M

November 08, 2012 10:30PM
By Katherine Clarke

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Stellar’s Laurence Gluck and 450 West 15th Street

Stellar Management chief Laurence Gluck is preparing to sell the Milk Buidling, a 281,000-square-foot office property bordering the High Line, he said tonight.

Gluck, one of the city’s most renowned landlords, has enlisted the help of commercial brokers Doug Harmon and Adam Spies of Eastdil Secured to sell the property, which will likely come to market next year. Sources told The Real Deal that the building, at 450 West 15th Street, could trade for up to $300 million. Gluck revealed the news while on a panel at the Young Jewish Professionals real estate summit at Cooper Union.

Gluck purchased the eight-story Meatpacking District property for $161 million in 2008, according to public records. The building is best known as home to Milk Studios, a famed photography studio with locations in New York and Los Angeles.

Spies, who also served as a panelist at the event, declined to comment.

The plan to sell the building may have been in the works for some time. As The Real Deal previously reported, Gluck recently added value to the building by partnering with Milk’s Erez Shternlicht to replace an existing loading dock at the property with a prime retail storefront.

Adding the retail component put Gluck on track to unlocking millions of dollars in value at the property, Shternlicht told The Real Deal last year. “This is going to complete the street here. This will have a huge impact on the neighborhood,” he said at the time.

When Gluck purchased the building in 2008, the Meatpacking District was still an up-and-coming area of the city. Still, even as it has become increasingly trendy, he thinks its renaissance is ongoing.

“I thought it was the second inning [in the Meatpacking when I bought in 2008],” he said during the panel discussion. “Now it feels like the third or fourth inning.”

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