345Meatpacking rockets to sell out at $2,300 psf

August 05, 2013 02:30PM

While pricey properties in Manhattan’s Meatpacking District are nothing new, 345Meatpacking — the 11-story, 37-unit condo at 345 West 14th Street — is taking neighborhood prices to unheard of heights, Crain’s reported.

The DDG-created property sold out in just nine months at prices of $2,300 per square foot, with some units selling for as much as $3,500 per square foot.

“When we got started, even a year ago when we came on the market, everyone said we were crazy for thinking we could get $2,000 a square foot in the Meatpacking,” Joe McMillan, DDG principal, told Crain’s. “There were some parties that doubted the Meatpacking District as a destination, but we’ve proven it is.”

And while McMillan’s success may inspire others to follow his pricey lead, similar opportunities for lucrative residential properties are limited in the still largely commercial and industrial-zoned neighborhood.

In fact, McMillan told Crain’s, that rarity is what he has to thank for nabbing those numbers. He purchased the old commercial building duo on the site for $25.3 million in April 2012, after an investment group led by Andre Balazs and Jay-Z defaulted on the properties. Their original plan, after picking up the properties in 2007 for $30 million, was a luxury hotel. [Crain’s]Julie Strickland