The Real Deal New York

Choice Meatpacking properties could fetch $100M: broker

Investment in landmarked properties on Ninth and 14th streets promoted as bet on rising rents

A landmarked three-building parcel on a trendy corner of the Meatpacking District could go for more than $100 million when it hits the market, according to the broker handling sales. 

The properties at Ninth Avenue and 14th Street are for investment, not development, according to Eric Anton, a managing partner at Brookfield Financial, the New York Post reported. They include a retail and residential building at 50-52 Ninth Avenue and a 42,000-square-foot apartment complex at 351 West 14th Street and 362-364 West 15th Street — bringing the total area to 63,000 square feet.

“This is an offer for somebody who believes rents will only rise” at the site,” he said to the Post. “The sexy storefronts will remain.” The neighborhood has seen retail rents as high as $450 per foot, but today rents are closer to $350, as The Real Deal previously reported.

A local partnership, which city records list as Chelsea/Village Associates LLC, has owned the properties since the 1980s, according to the Post. The corner belongs to the Gansevoort Market Historical District, which was landmarked in 2011, according to city records. [NYP] — Angela Hunt

  • WannaBeLandlord

    Where Bill’s Burger is at 22 Ninth Avenue & West 13th Street used to be a bar that the previous tenant rented for only $3k a month. The bar owner was telling me in 2005 that the new lease was going to be 4x come 2009ish. God knows what the lease will be in a few years.