The Real Deal New York

Clarion selling stake in Apple’s Meatpacking building

December 02, 2013 06:03PM
By Adam Pincus

401 West 14th Street

Clarion’s Stephen Furnary (inset) and 401 West 14th Street

The international investment firm Clarion Partners has put up for sale its minority interest in the three-story Apple store building in the Meatpacking District, insiders said.

The company, headquartered in Midtown, owns just under 50 percent of the 60,000-square-foot building at 401 West 14th Street, at the corner of Ninth Avenue. The sale is expected to value the entire building at about $175 million to $200 million, insiders said.

Clarion, headed by CEO Stephen Furnary, partnered with Taconic Investment Partners to purchase the building in December 2005 from the Plymouth Beef Company for $34.55 million, city records show.

The owners have a mortgage for $88.7 million on the building, city documents reveal.

In 2007, Apple signed a lease for 45,000 square feet of retail and office space on the first, second and third floors of the loft-style building. Other tenants there include clothing retailers Moschino and Hugo Boss.

Eastdil Secured’s Douglas Harmon and Adam Spies are representing Clarion in the recapitalization of the property, which includes selling Clarion’s stake. They declined to comment. Clarion and Taconic did not respond to a request for comment.

In addition, a Cushman & Wakefield brokerage team of James Downey, Sarah Fabian, Eric Le Goff and Jared Berkey is representing Moschino in its search to sublease its first floor location in the building. Downey declined to comment, as well.

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