Whitney Museum’s arrival spurs Meatpacking District development activity
The impending arrival of the Whitney Museum in the Meatpacking District is prompting a flurry of development activity in the neighborhood, the New York Times reported.
The site of Former Mobil Gas Station On Tenth Avenue between 14th and 15th streets is being redeveloped into retail space, for example. Construction is slated for completion this August and the development team has tapped RKF to market the space.
“We are looking to either do multiple stores, like accessories or home furnishings, or one large flagship,” Robert Futterman, chairman and CEO of RKF, told the Times.
Thor Equities has also been aggressively buying in the neighborhood. Thor owns four buildings totaling about 170,000 square feet and is in the process of buying a fifth property that will add 100,000 square feet to its portfolio, Thor CEO Joseph Sitt told the Times. At 837 Washington Street, Thor and partner Taconic Investment Partners, are building a 55,000-square-foot office and retail property.
DelShah Capital recently purchased a 10,839-square-foot Building On Ninth Avenue for $18.2 million. In addition, as The Real Deal reported, DelShah won an ownership dispute over 55 Gansevoort Street, where it is in talks to create a boutique hotel property.
But if hotel doesn’t work, the building will house office and retail. [NYT] –Zachary Kussin