Starwood Urban debuts in Meatpacking District.In a deal which marks its entry into New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's commercial real estate market, Starwood Urban Retail MM has acquired a 50,000-sf, five-story warehouse property at 430 W. 14th St., in the heart of Manhattan's Meatpacking meatpacking or meat-processing, wholesale business of buying and slaughtering animals and then processing and distributing their carcasses to retailers. The livestock industry is among the largest in the world. District, for $10.2 million. LOT/EK architecture will redesign the building for the new owner. Starwood Urban plans to aggressively acquire several other retail/loft and manufacturing properties during the course of the next 12 months, investing as much as $250 million in emerging areas such as the Meatpacking District, West Chelsea, Union Square, the Garment District The Garment District is a store in Cambridge, MA and is well known for its Dollar-A-Pound clothing store. The Garment District started out as an offshoot of Harbor Textiles, a textile company which produced wiping cloths for industry that began in the late 1940s. and Clinton. Starwood Urban plans to spend approximately $1 million in renovations at 430 W. 14th St. to include HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free , elevator, lobby and facade work. The new owner is seeking high-profile, original concepts for the 15,800 sf of retail and restaurant space situated on the ground and underground floors as leases expire in the near term and a single user or mix of office tenants for the four floors above. "We will be targeting Internet, newmedia, fashion and entertainment companies," said Robert Wennett, president of Starwood Urban, which is a joint venture between Starwood Capital Group's Opportunity Fund V and Washington, DC-based Wennett Urban Retail. "We will offer full floors consisting of 11,500 sf each, and/or would be pleased to sign a single user for the building's entire 46,000 sf. "According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Wennett, rents will range between $80 and $100 per square foot for the retail, and $40 and $45 for the office space. The seller of 430 W. 14th St. was 14th Street Associates headed by investor Lawrence Devine. Brian Dornan and Deek Hotchkiss of New York-based Pyramid Real Estate contacted the seller on behalf of the buyer in this deal with no other contenders since the property was not on the market. Starwood Urban has appointed New York's new-economy leasing agent, Phil Shapiro of Insignia! ESG ESG Enterprise Strategy Group (Veritas) ESG Emergency Shelter Grant (Florida, USA) ESG Expeditionary Strike Group ESG Electronic Service Guide (used in DVB) , for the building's office space, and Sherry White of Newmark & Company Real Estate, Inc., who is renowned for her contacts with high-fashion tenants, as a retail leasing agent. Eager to quickly increase the number of properties in its Manhattan portfolio, Starwood Urban is in active negotiations on at least six or seven other deals situated in emerging New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. neighborhoods. The firm's strategy is to source strategic retail/office manufacturing and loft buildings, most of which are not even on the market. Starwood Urban focuses on acquisitions in neighborhoods that are the heart of the city's retail renaissance. The firm has been successful in purchasing similar undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. properties in evolving neighborhoods in Washington, D.C., Boston, Miami and Norwalk, Conn. in the area known as SoNo (South Norwalk.) |
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