NEW YORK CITY-Thor Equities and ASB Real Estate Investments announced Thursday the purchase of a landmark property at 875 Washington St., in the Meatpacking District. The property was acquired from Scoop NYC for $96.5 million by Thor Equities in a JV with ASB’s Allegiance Real Estate Fund, according to the announcement.
Spanning 60,000 square feet, the five-story building occupies the entire block of Washington Street between 13th and 14th Streets and wraps around to both side streets, providing significant retail frontage in one of the city’s most fashionable shopping areas.
Thor Equities is clearly pleased to be a part of the upscale and trendy Meatpacking District. “TheMeatpacking District is the place to be in the fashion world, and as purveyors of high-end retail real estate, it is only fitting that we continue to expand our presence here,” says Joseph J. Sitt, CEO, in the announcement. “Situated among many of the world’s best nightlife, dining, and shopping outposts, 875 Washington is truly in the heart of the excitement and growth of Manhattan.”
Adds Robert Bellinger, president and CEO of ASB Real Estate Investments, in the release, “The Meatpacking District has experienced a massive transformation over the last ten years, becoming a top destination for culture, art, high–end residential, entertainment, business, and hotel development. This investment fits with ASB’s strategy to acquire competitively positioned office and High-Street retail properties with high NOI growth potential and strong demographic underpinnings.”
Spread over seven floors, the retail and office space at 875 Washington comprises nearly 23,000 square feet. It is currently inhabited by several exclusive brands, including Bond No. 9, Paige Premium Denim, and SCOOP, a high-end boutique.
Located at the heavily trafficked corner of Washington and 14th Streets, the property sits within steps of several landmarks. They include the Standard Hotel, Christian Louboutin, Diane Von Furstenberg, STK [a steak restaurant that's popular with the in-crowd], and the Apple Store. The building also is very close to the future downtown home of the Whitney Museum. Set to open in 2015, the modern art facility will be on the trendy and popular Gansevoort Street.