Cape Advisors buys Hudson Square warehouse for $26M

Investor buys in area ripe for development following rezoning

New York /
Nov.November 07, 2014 04:55 PM

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.


Related Articles

arrow_forward_ios
From left: DHA Capital’s Dan Hollander and B6 Real Estate Advisors’ Yanni Marmarou with 70 Mallory Avenue (Loopnet, DHA, B6, Getty)
Jersey City multifamily binge: Two more sites trade for $21M
Jersey City multifamily binge: Two more sites trade for $21M
One Soho Square with Stellar Management’s Larry Gluck and Yotpo CEO Tomer Tagrin (LoopNet, Twitter, Gluck Family Foundation)
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
27 Vandam Street, Hudson Square (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Hudson Square townhouse in contract at $15M could break area record
Hudson Square townhouse in contract at $15M could break area record
39 Clarkson Street (Google Maps)
Hudson Square office building sold for $46M
Hudson Square office building sold for $46M
Google CEO Sundar Pichai (Getty/Illustration by Kevin Rebong for The Real Deal)
Google says it won’t claim NYC tax breaks
Google says it won’t claim NYC tax breaks
A rendering of St. John's Terminal with Google CEO Sundar Pichai (COOKFOX Architects, Getty)
Google shatters pandemic record in $2.1B office purchase
Google shatters pandemic record in $2.1B office purchase
Nikolai Fraiture and 42 and 44 King Street (Getty, Google Maps)
“Taken for a Fool”: The Strokes’ Nikolai Fraiture sues co-op
“Taken for a Fool”: The Strokes’ Nikolai Fraiture sues co-op
DivcoWest CEO Stuart Shiff and Jamestown Properties' Michael Phillips with 325 Hudson Street (Google Maps)
DivcoWest buying 325 Hudson for $150M+
DivcoWest buying 325 Hudson for $150M+
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...