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Tuesday, January 06, 2009 Office
A joint partnership between private equity firm The Carlyle Group and Sitt Asset Management acquired a pair of buildings on West 14th Street in Manhattan's Meatpacking District for $70 million. Christopher Owles and Michael Glanzberg of Sinvin Realty LLC represented both Carlyle and Sitt as well as the sellers, Christopher West Realty, a partnership between the Icon Group and Real Estate Equities. Christopher West acquired the properties last year for $18.5 million. Included in the sale was a five-story retail property at 414 W. 14th St. and a five-story office building next door at 416 W. 14th St. Currently undergoing extensive renovations, the two buildings will house 46,000 square feet of retail and office space when finished. The buildings are situated within a highly desirable retail corridor with such high-end retailers like Theory, Bumble and Bumble and Stella McCartney in the vicinity. Gucci Group and Apple are slated to open stores in the near future. Owles is a principal with Sinvin Realty LLC, a retail and office real estate broker. Mr. Glanzberg serves as managing director. The Carlyle Group is a Washington D.C.-based private equity investment firm with over $75 billion under management. Sitt Asset Management is a New York-based real estate investment firm. Address: 414 W 14th St., New York City, N.Y. Size: 46,000 square feet Filed Under: Office E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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