Meatpacking commercial building hits market for $52M

Restoration Hardware’s art gallery to fully occupy 27K sf property by 2018

New York /
Jan.January 05, 2015 01:16 PM

The Kleinberg family, a private New York-based investor, is asking $52 million for a five-story Meatpacking District commercial building near the High Line, The Real Deal has learned.

The family has owned the 51-foot-wide property at 437-439 West 16th Street, between Ninth and 10th avenues, for more than three decades. High-end furniture chain Restoration Hardware has a long-term net lease for an art gallery space at the 27,000-square-foot building.

Photography studio Picturehouse and the Small Dark Room occupies the remainder of the building — the basement, entire second floor and part of the third floor. The studio’s lease expires in March 2018, at which time Restoration Hardware plans to take over the entire building, according to documents obtained by TRD. Restoration Hardware’s lease is up in 2029.

Eastern Consolidated’s David Schechtman and Elie Dayan are marketing the property.

Restoration Hardware’s first commercial gallery, RH Contemporary Art, moved into the building last year. At the time, the Kleinberg family vacated the fourth and fifth floors it was using to house its offices. The furniture company has been busy in the neighborhood. It inked a 15-year lease in October worth about $250 million at 9-19 Ninth Avenue, near Little West 12th Street, as previously reported.

The Kleinberg family could not be reached for comment.


Related Articles

arrow_forward_ios
Gucci's Soho store
Gucci to open store in Meatpacking District
Gucci to open store in Meatpacking District
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Tavros' Dov Barnett and a rendering of the current proposal at 44-54 Ninth Avenue and 351-355 West 14th Street (Tavros, Renderings via BKSK)
City orders Meatpacking office developer to dismantle, rebuild slouching façades
City orders Meatpacking office developer to dismantle, rebuild slouching façades
Gucci pops up at Thor's Meatpacking property
Gucci pops up at Thor’s Meatpacking property
Gucci pops up at Thor’s Meatpacking property
405 West 13th Street and Engine No. 1’s Chris James (BKSK, Engine 1)
Activist hedge fund Engine No. 1 to open Meatpacking District office
Activist hedge fund Engine No. 1 to open Meatpacking District office
The Meatpacking District is now committing to a car-less future full-time after a pandemic-induced experiment. (iStock)
Cars permanently banned from Meatpacking District
Cars permanently banned from Meatpacking District
Tavros Capital Partners' Nicholas Silvers and Dov Barnett with a rending 351 West 14th Street (Tavros, BKSK Architects)
Tavros nabs refi on Meatpacking District properties it wants to redevelop
Tavros nabs refi on Meatpacking District properties it wants to redevelop
Little Island transforms New York City’s Hudson River waterfront
A neglected pier deteriorated for decades. Now it’s NYC’s hottest attraction.
A neglected pier deteriorated for decades. Now it’s NYC’s hottest attraction.
arrow_forward_ios

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

Loading...