Gottlieb estate sells downtown building, departing from buy-and-hold strategy

January 13, 2011 12:11PM

79 Horatio Street (left) and 104 East 10th StreetThe sale of a 6,750-square-foot townhouse at 79 Horatio Street in the Meatpacking District marks the beginning of a repositioning of the William Gottlieb family’s holdings of more than 100 downtown properties that brokers estimate to be worth as much as $1 billion, the Wall Street Journal reported. The townhouse, which closed last month for under $7 million, was listed in May, along with a three-story building at 104 East 10th Street, by Neil Bender, Gottlieb’s nephew. “We are currently disposing of two properties that do not fit with the company’s development and growth plans,” said Gregg Sullivan, a spokesperson for the estate, whose heirs have been feuding for years over property rights.

Sullivan added that the estate had no plans to sell any other properties, though brokers remain hopeful. “The Gottliebs own some of the city’s most prized property downtown,” said Jonathan Isaacs, a co-founder of brokerage Aligned Real Estate. “The West Village inventory is extremely limited. I would love nothing more than to hear they are selling more property.” The Horatio Street property, near the West Village and the High Line, is in poor condition and would require gut renovations. The East 10th Street property remains for sale at $6 million. Both were listed by Halstead Property’s Jonathan Phillips and Ginnie Gardiner. [WSJ]