Tavros Capital Partners is looking to bring in an equity partner at its Meatpacking District mixed-use redevelopment, sources told The Real Deal.
The developer recently hired Hodges Ward Elliott to market the property for a recapitalization, which sources said would likely see a partner take a majority stake. The deal would value the property at 44 Ninth Avenue at about $125 million, according to sources.
Tavros is planning to reposition the three four-story retail-and-residential walk-ups at the corner of West 14th Street and Ninth Avenue. Sources said the developer is considering expanding the roughly 50,000-square-foot collection of buildings to as much as 80,000 square feet, renovating the existing 82 rental apartments and bringing in a flagship retailer. No plans have been filed with the city yet.
The Diner vacated its space last year, but other tenants such as Gansevoort Market, Le Pain Quotidien and L’Occitane en Provence remain.
Tavros, led by Nicholas Silvers and Dov Barnett, acquired the Greek Revival-style row houses, located at 44-54 Ninth Avenue, 351 West 14th Street and 362-364 West 15th Street, for $105 million in 2014.
A Hodges Ward Elliott team led by Will Silverman, Paul Gillen and Daniel Parker is marketing the stake. Tavros and the brokers declined to comment.
The project is one of several underway in the neighborhood, along with Aurora Capital Associates and William Gottlieb Real Estate’s project at 60-74 Gansevoort Street and Aurora and Vornado Realty Trust’s 61 Ninth Avenue.