The Real Deal New York

Cape Advisors buys Hudson Square warehouse for $26M

Investor buys in area ripe for development following rezoning
By Claire Moses | November 07, 2014 04:55PM

Real estate investment firm Cape Advisors bought a Hudson Square warehouse for $26 million from longtime owner Yuet Tom Lam Kong of the Long Island City-based Kong Mee Food Corp., according to property records filed with the city today.  

The six-story property holds nearly 37,000 buildable square feet.

In 2012, Manhattan-based firm DHA Capital entered contract to buy the site — located in the middle of the triangle between Soho and Tribeca — for $12.4 million. DHA backed out of the transaction, however, and sued Kong, a manufacturer and seller of soy bean products, claiming he had left the property flooded after Superstorm Sandy and allegedly didn’t extend the due diligence period after the storm.

The 22,519-square-foot warehouse is located between Greenwich and Hudson Streets. That area is booming with new projects after a massive rezoning was approved last year. In a neighborhood where postal facilities, warehouses and industrial buildings once dominated the area, developers are picking up properties and putting up residential and commercial projects.