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New York

GreenOak takes $300M stake in Terminal Stores site: report

Investment firms snags 49% share of storage-to-office conversion project

Terminal Stores building at West 28th Street and 11th Avenue (Inset: GreenOak's Sonny Kalsi)
Terminal Stores building at West 28th Street and 11th Avenue (Inset: GreenOak's Sonny Kalsi)

Investment firm GreenOak Real Estate acquired a 49 percent minority stake at the 1.2 million-square-foot Terminal Stores building in Chelsea. The deal is for roughly $300 million, Crain’s reported, citing unnamed sources.

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Just last week, taxi-app startup Uber signed a 10-year lease for 52,350 square feet at the building, primarily owned by Waterfront New York Realty, as previously reported. The self-storage facility, Stretching From West 27th Street to West 28th Street between 10th and 11th avenues, is currently undergoing a conversion.

GreenOak’s investment will go toward improving the building overall and aiding in the conversion of the storage component, according to Crain’s. [Crain’s] — Mark Maurer

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GreenOakWest Chelsea