450 West 15th Street | The Real Deal New York

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450 West 15th Street

450 West 15th Street
New York, NY 10011
(212) 331-0116
Website
Office, Leasing/Rental

450 West 15th Street in Manhattan is a 281,000-square-foot, eight-story office property bordering the High Line in the Meatpacking District. The building was completed in 1936 and its 30 units are zoned for office and commercial use.Year Built:1936

Jamestown closed on its $295 million purchase of the building from Laurence Glucks Stellar Management in January 2013. Gluck purchased the eight-story Meatpacking District property for $161 million in 2008, according to public records.

According to the Real Deal in 2013, the deal involved a piece of seller-financing, with Stellar providing a $150 million short-term loan to Jamestown. The move was intended to help the deal close quickly, while giving Jamestown more time to iron out long-term financing, The Real Deal reported at the time. Seller financing in large commercial sales is uncommon but not unheard of, Singer & Bassuk Organization Principal Scott Singer, who has represented major city real estate families in their dealings with lenders, told The Real Deal at the time. Its a vehicle that can be used for sophisticated parties to achieve a goal, Singer said. - Biopharmaceutical firm Intercept is a tenant at 50 West 15th, also known as the the Milk Studios building.

  • Year Built 1936
  • square feet 281,000
  • block and lot 1-00712-0001
  • BIN 1080355

09/23/16
...currently headquartered at Jamestown’s Milk Building at 450 West 15th Street in the Meatpacking District, where it occupies more than 20,000 square feet, according to CoStar...

07/30/15
...families. Jamestown also owns a Chelsea building at 450 West 15th Street that is often referred to as the “Milk Studios Building.” Financial services provider Citco...

10/24/13
...450 West 15th Street and Kyle Ciminelli Jamestown Properties has signed up biopharmaceutical firm Intercept as a new...

01/28/13
...early December that the 281,361-square-foot property, located at 450 West 15th Street in the Meatpacking District, was approaching a sale for $300 million. As The Real Deal...

...told The Real Deal that the building at 450 West 15th Street could trade for up to $300 million. Gluck purchased the eight-story Meatpacking District property for...

11/08/12
...Stellar's Laurence Gluck and 450 West 15th Street Stellar Management chief Laurence Gluck is preparing to sell the Milk Buidling, a 281,000-square-foot...

07/02/12
Can you say fashion fight? The New York Post reported that Federico Pignatelli, the owner of the Pier 59 photography studio, recently hired Ronny Livian,...

12/14/11
...dock in Gluck's Meatpacking District office building at 450 West 15th Street with a prime retail storefront. The retail addition, that will sit just west of...

...rates. One is the Milk Studios building at 450 West 15th Street. That sold for $160 million late last year at a 5 percent cap. When it hit...

...M The eight-story, 300,000-square-foot Milk Studios Building at 450 West 15th Street is on the market and is expected to sell for upwards of $200 million, the...

...M The eight-story, 300,000-square-foot Milk Studios Building at 450 West 15th Street is on the market and is expected to sell for upwards of $200 million, the...
  • Event Sales
  • Address 450 West 15th Street
  • Neighborhood Chelsea
  • Borough Manhattan
  • Square feet 281,361
  • Price $ 295,000,000
  • Price per foot $ 1,048.48
notes
The property sold for $295 million. The deal involved a piece of seller financing, with Stellar providing a $150 million short-term loan to Jamestown, which appears in public records. The move was intended to help the deal close quickly, while giving Jamestown more time to iron out long-term financing, The Real Deal has learned.
  • Event Office Leasing
  • Address 450 West 15th Street
  • Neighborhood Chelsea
  • Borough Manhattan
  • Square feet 75,000
notes
The healthcare consulting firm signed a long-term lease renewal and expansion.
  • Event Office Leasing
  • Building Name Milk Building
  • Address 450 West 15th Street
  • Neighborhood Chelsea
  • Borough Manhattan
  • Square feet 6,000
  • Price per foot $ 60.00
  • Publication Date 09/01/2010
  • Event Date 07/23/2010
  • Party 1 Stellar Management
  • Party 1 Brokerage Newmark Grubb Knight Frank
  • Party 1 Broker Brandl Frey, Brian Waterman
  • Party 2 Mulberry
  • Party 2 Brokerage In-house
notes
The accessories designer signed a five-year lease on the fourth floor.
  • Event Sales
  • Address 450 West 15th Street
  • Neighborhood Chelsea
  • Borough Manhattan
  • Square feet 291,216
  • Price $ 55,000,000
  • Price per foot $ 188.86
  • Publication Date 01/01/2005
  • Event Date 11/22/2004
  • Party 1 Moishe Mana and Erez Shternlicht
  • Party 1 Brokerage Eastdil Secured
  • Party 1 Broker Douglas Harmon
  • Party 2 Angelo, Gorden & Co.
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