The Real Deal New York

Developer sells Meatpacking District rental building for $23.35M

By Katherine Clarke | August 29, 2011 03:34PM

Real Estate Equities Corporation, a development firm based on East 48th Street, has sold a Meatpacking District rental apartment building at 344 West 14th Street for $23.25 million, according to public records filed with the city today.

Real Estate Equities, which purchased the building in 2007 for only $14 million, had previously been reported as rehabilitating the six-story property, constructed in 1910, to include retail. At that time, a property appraisal firm said the building was worth $23 million mid-construction and $29 million if fully leased with retail and residential tenants.

The buyer on record is First Atlantic Real Estate, an entity related to First Atlantic Capital which is a private equity firm located at 135 West 57th Street. The sale closed Aug. 11.

Neither party could be immediately reached for comment.

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