The Real Deal New York

Rockpoint feeling “Saturday Night Fever” for Meilman’s Meatpacking holdings

Boston firm works again with family-owned co. to ground-lease two properties near High Line
By Rey Mashayekhi | January 28, 2016 12:53PM

Meilman Meatpacking District

Still from promotional video for 413-435 West 14th Street in the Meatpacking District (inset: Cliff and Richard Meilman)

Rockpoint Group has once again looked to Meilman Family Real Estate to expand its real estate holdings in the Meatpacking District by ground-leasing a pair of properties from the family-owned firm.

The Boston-based firm is leasing a three-story retail building at 421-435 West 14th Street and a single-story commercial property at 436 West 15th Street from the Meilman family in a deal valued at nearly $23.5 million, according to property records filed with the city Thursday.

The three-story, 50,000-square-foot building at 421-435 West 14th Street is part of Meilman’s “Meatpacking Property” – a retail complex near the High Line that also includes a neighboring four-story, 33,000-square-foot building at 413-419 West 14th Street.

Meilman Family Real Estate, led by Cliff and Richard Meilman, have advertised the “Meatpacking Property” with an unintentionally hilarious yet endlessly watchable video on the company’s website that’s accompanied by the Bee Gees’ classic 1977 hit, “Night Fever.”

The single-story building at 436 West 15th Street, meanwhile, is located on the other side of the block holding the “Meatpacking Property,” and faces West 15th Street. The parcel appears to hold a 2,500-square-foot storage facility, according to PropertyShark, but has nearly 13,000 square feet of maximum usable floor area.

The length of the ground lease on the properties was not disclosed. Rockpoint Group declined to comment, while Meilman Family Real Estate did not return requests for comment.

The two firms have experience working together. Rockpoint and its operating partner Highgate Holdings agreed to a 99-year ground lease in 2014 for a nearby West 15th Street parcel owned by the Meilman family, as The Real Deal reported.

Rockpoint is expected to carry out long-running plans by the Meilmans for a hotel at that property, located at 412 West 15th Street.