Tavros seeking partner for Meatpacking redevelopment project

Investor would likely take majority stake in three buildings at West 14th Street and Ninth Avenue

New York /
May.May 23, 2018 01:35 PM

Rendering of 44 Ninth Avenue and Nicholas Silvers (Credit: RKF and TavrosCapital)

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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Ivanhoé’s Nathalie Palladitcheff, Cohabs’ Youri Dauber and James Grasso with Cohabs NYC co-living spaces (Cohabs, LinkedIn, Twitter/@ydauber, Ivanhoe Cambridge)
Co-living firm Cohabs raises $450M to continue expansion
Co-living firm Cohabs raises $450M to continue expansion
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
Signature's Joseph DePaolo (Getty, Signature)
FTX crash could hit Signature’s multifamily lending
FTX crash could hit Signature’s multifamily lending
arrow_forward_ios

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

Loading...