Commercial condo in Meatpacking sells for 68% off 2011 price

The Katz family’s MacArthur Holdings has expanded its footprint at a commercial building in the Meatpacking District.

The company paid $11 million for a commercial condominium unit that was previously foreclosed on. The amount was 68 percent less than the unit fetched a dozen years ago.

Unit 1S at 415 West 13th Street unit adds to the six floors MacArthur already owns in the building. MacArthur took out a $10 million loan from Cerco Funding.

The seller is Torchlight Loan Services, a special servicer that manages the loan default process for Wells Fargo. Torchlight acquired the unit from DWS Group for $21.1 million in 2022. DWS had bought it for $34 million in 2011.

The condo deal was one of two investment sales last week in New York City’s middle market, defined as those between $10 million and $40 million.

In the other, Penske Truck Leasing paid $25.4 million for three Springfield Gardens parcels that serve as storage for Penske Truck Rentals. Two of the properties have buildings and the other is an empty lot. The seller was the estate of Frederick Nurge, who died in 2021, and Richard Nurge.

One building, at 145-52 167th Street, is zoned for industrial and manufacturing. It was built in 1971 and features 15,000 square feet over two floors of one building. 

The second is at 165-17 146th Avenue and is zoned for parking facilities. It was built in 1970 and has 5,000 square feet. The empty lot does not have an address but is zoned for parking.

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