The Real Deal New York

Greenwich Street warehouse unloaded for $52M

Building changes hands for first time in four decades
By Claire Moses | June 04, 2014 12:21PM

A six-story, fire-proof warehouse on Greenwich Street has sold for $52 million, Tuesday’s property records indicate.

The sale includes 42,500-square-feet of buildable air rights, on top of the 57,500-square-feet building at 537-545 Greenwich Street, which is located between Charlton and Vandam streets.

Robert Burton of Massey Knakal, the broker on the transaction, confirmed that the building was sold. Burton, who represented seller Stuart Minton, has been working with the owner since 2006, he said.

Real estate attorney Robert Sorin, who represented buyer 537 Greenwich Owner LLC, did not respond to requests for comment.

In 2010, the building was presented by Massey Knakal as part of a possible assembly with adjoining buildings. Although 537-545 Greenwich Street would be the centerpiece of any assembly on that block, the other buildings are not part of this transaction, Burton said.

It’s the first time the building has changed hands in more than four decades.

The building is home to multiple tenants – including Chista, an art showroom. It’s unclear what the new owners will do with the building.

While the property is in “very good shape,” Burton said, some renovations will be needed.