Clarion selling stake in Apple’s Meatpacking building

TRD New York /
Dec.December 02, 2013 06:03 PM

The international investment firm Clarion Partners has put up for sale its minority interest in the three-story Apple store building in the Meatpacking District, insiders said.

The company, headquartered in Midtown, owns just under 50 percent of the 60,000-square-foot building at 401 West 14th Street, at the corner of Ninth Avenue. The sale is expected to value the entire building at about $175 million to $200 million, insiders said.

Clarion, headed by CEO Stephen Furnary, partnered with Taconic Investment Partners to purchase the building in December 2005 from the Plymouth Beef Company for $34.55 million, city records show.

The owners have a mortgage for $88.7 million on the building, city documents reveal.

In 2007, Apple signed a lease for 45,000 square feet of retail and office space on the first, second and third floors of the loft-style building. Other tenants there include clothing retailers Moschino and Hugo Boss.

Eastdil Secured’s Douglas Harmon and Adam Spies are representing Clarion in the recapitalization of the property, which includes selling Clarion’s stake. They declined to comment. Clarion and Taconic did not respond to a request for comment.

In addition, a Cushman & Wakefield brokerage team of James Downey, Sarah Fabian, Eric Le Goff and Jared Berkey is representing Moschino in its search to sublease its first floor location in the building. Downey declined to comment, as well.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Jumaane Williams (Credit: Getty Images)

Council to vote on bill to curb Mitchell-Lama cheating

Raizy Haas and Gary Barnett (Credit: Getty Images, iStock)

One of Gary Barnett’s longtime deputies is leaving Extell

Macklowe selling out of Midtown tower, Brooklyn lawmaker wants to rewrite federal housing rules

Macklowe selling out of Midtown tower, Brooklyn lawmaker wants to rewrite federal housing rules

Battle of the boroughs: Tallying the city’s top law firms by real estate sales

Battle of the boroughs: Tallying the city’s top law firms by real estate sales

Renderings of Waldorf Astoria

Inside the Waldorf Astoria’s condo conversion

arrow_forward_ios