$70M sale in NYC’s Meatpacking District

Deal includes air rights to build additional floors

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In a single transaction, two Manhattan, N.Y., properties in the Meatpacking District were sold for $70 million to a pair of limited liability companies. Christopher West Realty LLC unloaded the adjacent properties, 414 and 416-418 West 14th St., on 414 West 14th Owners LLC and CRP West 14th Street TIC Owner LLC. A five-story, 9,905-square-foot building, which was built in 1887 in the Italianate style, occupies 414 W. 14th St. Occupying 416-418 W. 14th St. is a 16,148-square-foot building built as a vernacular-style factory in 1874. It was originally referred to as the Merchant's Print Works Warehouse. Both properties are zoned commercial and contain air rights for additional floors above the existing buildings. Christopher West Realty purchased the buildings in March 2006 for $18.5 million, according to a press statement. ...