Meatpacking leasehold for sale.

A special offering, the 49-year leasehold interest in the first new building to be constructed in Manhattan's trendy Meatpacking District, since the area was designated a landmark in 2003, is being co-marketed for sale through Eastern Consolidated and Sinvin Realty Corp.

Eastern Consolidated's Senior Managing Directors Ronald A. Solarz, Eric M. Anton, and Financial Analyst Zachary Bennett, together with Sinvin Realty Corp.'s Managing Director Christopher Owles, are actively in the market with 40 Gansevoort Street, now under construction and due to be completed in April 2006.

"Situated on the Southeast corner of Gansevoort and Greenwich Streets, 40 Gansevoort will be occupied by a single user," noted Mr. Solarz, "and thereby represents an excellent investment opportunity, since the property will require a minimum of management oversight."

Theory, the incoming tenant, and renowned fashion house, has already committed to a net lease in excess of 15 years. In 2003, Fast Retailing (UNIQLO), Japan's leading clothing retailer, acquired a 47.1 percent stake in Link, a Japanese licensee of the Theory brand. Link then purchased an 89 percent stake in the Theory group, making Fast Retailing an indirect owner of the Theory brand. The new stand-alone office/showroom will become Theory Manhattan's flagship, and its largest retail store in the City.

"For an investor, purchasing the leasehold interest in 40 Gansevoort Street, pre-leased to a financially sound tenant, in a location where retail rents average in the $150 per square foot range and office rents approximate $40 per square foot, represents a rare opportunity to buy into a mixed-use new building, with tremendous upside potential," said Mr. Owles, who added that the ground lease payments for the property are fixed and provide predetermined increases throughout the entire term, thereby protecting the investor from large step-ups in rent that could occur upon a re-appraisal.

The Meatpacking District is arguably Manhattan's edgiest new neighborhood, featuring such top-rated restaurants as Pastis, Markt, and Spice Market, and designer shops by Diane Von Furstenberg, Stella McCartney and Jeffrey, to name a few. The building at Gansevoort Street offers 20,000 s/f of ground and lower floor retail space, plus 44,000 s/f of Class A office space in the heart of this burgeoning trendy enclave.