Meatpacking commercial building hits market for $52M

Restoration Hardware’s art gallery to fully occupy 27K sf property by 2018

From left: 437-439 West 16th Street and David Schechtman
From left: 437-439 West 16th Street and David Schechtman

The Kleinberg family, a private New York-based investor, is asking $52 million for a five-story Meatpacking District commercial building near the High Line, The Real Deal has learned.

The family has owned the 51-foot-wide property at 437-439 West 16th Street, between Ninth and 10th avenues, for more than three decades. High-end furniture chain Restoration Hardware has a long-term net lease for an art gallery space at the 27,000-square-foot building.

Photography studio Picturehouse and the Small Dark Room occupies the remainder of the building — the basement, entire second floor and part of the third floor. The studio’s lease expires in March 2018, at which time Restoration Hardware plans to take over the entire building, according to documents obtained by TRD. Restoration Hardware’s lease is up in 2029.

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Eastern Consolidated’s David Schechtman and Elie Dayan are marketing the property.

Restoration Hardware’s first commercial gallery, RH Contemporary Art, moved into the building last year. At the time, the Kleinberg family vacated the fourth and fifth floors it was using to house its offices. The furniture company has been busy in the neighborhood. It inked a 15-year lease in October worth about $250 million at 9-19 Ninth Avenue, near Little West 12th Street, as previously reported.

The Kleinberg family could not be reached for comment.