The Real Deal New York

Ruth family spending $35M on Meatpacking building

Trump Plaza deal funding purchase
By Rey Mashayekhi | July 27, 2015 11:45AM

The Ruth family is using proceeds from its sale of The Land Beneath Trump Plaza to acquire a mixed-use residential building in the Meatpacking District for $35 million.

The estate of Donald Ruth, led by Ruth’s son Philip, sold the land underneath the Lenox Hill building, at 167 East 61st Street, to The Trump Plaza co-op board for $185 million earlier this year.

The family is acquiring 344 West 14th Street in the Meatpacking from private equity firm First Atlantic Capital in a 1031 exchange, The Real Deal has learned. First Atlantic bought the building from Midtown-based Real Estate Equities Corp. for $23.3 million in 2011.

The 25,100-square-foot building features 20 rental units, half of which are rent-stabilized, as well as two retail spaces featuring 50 feet of Frontage On West 14th Street. The off-market transaction is worth just under $1,400 per square foot.

The property’s retail tenants have about nine years left on their leases, according to Joseph Koicim of Marcus & Millichap, who brokered the deal with colleague Peter Von Der Ahe.

Neither the Ruth family nor First Atlantic Capital could be reached for comment.