The Real Deal New York

Carlyle gets High Line warehouse for $16M

By Adam Fusfeld | December 27, 2011 06:11PM

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Clockwise from left: Carlyle Group CEO David Rubenstein, 508 West 24th Street and Cary Tamarkin
The Carlyle Group purchased an industrial warehouse near the High Line for $16 million, according to public records filed with the city today, hoping to erect a 10-story residential building on the site. The deal closed Dec. 7.

A two-story, 14,440-square-foot warehouse currently stands on the property, at 508 West 24th Street between 10th and 11th avenues. It sits adjacent to the High Line park on a block with 14 art galleries. The seller is media production company MetroVision Production Group, which had owned the site since 1999, according to public records.

In October, developer Cary Tamarkin of Tamarkin Co., who previously developed the nearby condominium at 456 West 19th Street, filed plans with the city’s Department of Buildings to construct a 10-story, 56,700-square-foot residential building on the lot. The building was slated to include 5,000 feet of commercial space and a community facility, according to DOB records, but the plan was disapproved earlier this month and is still undergoing the typical approval process (note: correction appended).

Carlyle declined to comment and MetroVision and Tamarkin were not immediately available to comment.