Garment District assemblage hits the market for $60M

Agent is marketing the properties to hotel developers

Jul.July 03, 2019 01:00 PM
216-222 West 30th Street (Credit: Google Maps)

216-222 West 30th Street (Credit: Google Maps)

A trio of low-rise commercial buildings in the Garment District is back on the market, and this time the pair of owners are seeking $60 million for the mini assemblage.

The two-story properties are located at 216-222 West 30th Street and collectively span just over 16,000 square feet overall. A team led by Nicole Gary of Compass is handling the listing.

Gary said she is marketing the site to hotel developers, as she thinks it would make a good location for a new hotel. The parcels come with about 92,500 buildable square feet, which could increase to about 111,000 square feet if the buyer decides to develop a project that includes affordable housing.

Theodorous Kotopoulos owns the buildings at 216 and 220 West 30th Street, and the company Hemat Realty Corp owns 222 West 30th Street, according to property records. The owners could not be reached for comment.

The owners previously put the sites on the market for a long-term ground lease in 2012, when they sought an asking price of $1.2 million per year.

The properties did not sell then, but Gary said the neighborhood has changed a lot in recent years thanks to factors like the development of Hudson Yards, making the neighborhood “much more attractive.” The owners would also still consider a long-term lease on the properties, she said.

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