The Real Deal New York

Westbeth owner offers artists’ haven to commercial tenants

Money will go toward Sandy-related repairs for West Village landmark
March 24, 2014 06:15PM

The cash-strapped owner of a West Village live-work haven for artists that was hit hard by Hurricane Sandy is now leasing a portion of the former studio space in the basement to pay for repairs.

The Westbeth Corporation, which owns the landmarked 384-unit residential complex at 445-463 West Street, has tapped Denham Wolf Real Estate Services to market 70,000 square feet as commercial space, the New York Times reported. Space in the Westbeth Building could go for up to $2 million a year in rent, according to Denham Wolf broker Stephen Powers.

Most of the offered space is in the maze-like basement, formerly a rent-regulated sculpture studio set aside for artists. A small portion will be earmarked for artists to use.

The Westbeth served as home to Bell Laboratory from 1868-1966. The property suffered millions of dollars in damages from Hurricane Sandy flooding, according to previous reports. The rent will go towards repairs and a new facade, the Times said. [NYT]Angela Hunt