401 West 14th Street

Address: 401 West 14th Street, New York, NY
Submarket: Meatpacking District
Size: 60,000 square feet
Type: Retail and office
Date Acquired: December 2005
Date Sold: Currently owned by Taconic

401 West 14th Street is a 60,000-square-foot mixed-use building located within a designated historic district at the prime corner of 14th Street and 9th Avenue, the gateway to Manhattan’s Meatpacking District. We acquired the property in December 2005 in an off-market transaction subject to a long-term, substantially below market ground floor lease and a securitized first mortgage, which prohibited payoff or defeasance. Our team addressed and navigated each of these challenges and assembled an award-winning design team, including Cook + Fox Architects, to successfully reposition the property. We replaced all building systems, constructed a new lobby and building core, redesigned and replaced all windows and retail storefronts, obtained approvals from the New York City Landmarks Preservation Commission to build a penthouse addition. We have since released the entire property to high-credit tenants, including Apple, which leases 45,000 square feet of retail and office space.