The developer that sold the site of Google’s future Hudson Square headquarters last year is not done with the neighborhood.
Atlas Capital Group is in contract to buy a large commercial building on the border of the West Village and Hudson Square, just a few blocks from the former St. John’s Terminal building that will house Google’s $1 billion office, sources told The Real Deal.
The investment and development firm is paying $79.5 million for the nine-story, 80,000-square-foot building at 110 Leroy Street, according to a source familiar with the deal. The seller is Arthur Leeds Associates.
Representatives from Atlas Capital and Arthur Leeds did not respond to requests for comment. A CBRE team led by Darcy Stacom and Bill Shanahan marketed the property. The brokers couldn’t be reached.
Atlas Capital Group, headed by principals Jeff Goldberger and Andy Cohen, is familiar with the neighborhood. The company and its partner Westbrook Partners spent years negotiating a rezoning for the massive St. John’s Terminal a few blocks away in Hudson Square, a portion of which they sold to Oxford Properties Group early last year for $700 million.
Oxford is developing the southern part of the site into a 1.3 million-square-foot office building for Google. Atlas and Westbrook are reportedly planning to build somewhere between 350 and 430 apartments — a mix of market-rate and affordable/senior housing — on land they kept on the northern portion of the site.
Atlas has experience with both commercial and residential investments. The company co-owns a 1.1 million-square-foot former industrial building in Long Island City that Atlas and its partners repositioned as the trendy “Factory” office building. And Atlas developed the 10-unit, Annabelle Selldorf–designed condo building at 42 Crosby Street in Soho.
The immediate area around 110 Leroy Street is full of pricey new residential developments, such as Shibumi Development’s townhouse and condominium project at 601 Washington Street one block over and Property Markets Group’s 13-unit 111 Leroy Street condo directly across the street.