The Real Deal New York

Romanoff Equities strikes deal with partner for Meatpacking District office, retail project

January 07, 2013 06:15PM
By Katherine Clarke

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A rendering of 860 Washington Street

Meatpacking District landlord Romanoff Equities is joining with Property Group Partners to bring to life a 120,000-square-foot mixed-use office and retail development on a vacant site at 860 Washington Street, Property Group Partners announced today.

The developer is set to break ground on the project in the third quarter of 2013, with completion slated for 2015.

The project marks a return to the Manhattan real estate market for Property Group Partners, formerly known as the Louis Dreyfus Property Group, which withdrew from the market in early 2012 with the roughly $130 million sale of a Soho loft property at 148 Lafayette Street. That property was purchased by Steven Elghanayan’s firm Epic, as The Real Deal previously reported.

“[Romanoff Equities] has obtained essential approvals and permits allowing Property Group Partners to bring this project to reality,” said Jeffrey Sussman, president of Property Group Partners.

The 10-story property was designed by James Carpenter Design Associates and has floor plates of 11,000 to 13,400 square feet. The building, which is seeking LEED certification, will have retail space on two floors adjacent to the High Line park, according to its developers.

Eastdil Secured’s Douglas Harmon, Adam Spies and Josh King brokered the deal between Romanoff and Property Group Partners. The structure of the deal was not immediately clear.

Romanoff was required to obtain a zoning variance from the Board of Standards and Appeals for the project. The company, which owns nine buildings along the east side of Washington Street between Gansevoort and Little West 12th streets, claimed the property’s proximity to the High Line would prevent them from taking full advantage of the site without the variance.

Harmon and Spies declined to comment on the specifics of the deal. Michael Romanoff was not immediately available for comment.

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