A joint venture between Thor Equities and ASB Real Estate Investments' Allegiance Real Estate Fund have purchased 875 Washington Street from Scoop NYC for $96.5 million. The 60,000 square foot building in Manhattan's Meatpacking District offers 10,600 square feet of retail space on two levels. The retail space is currently home to Bond No. 9, Paige Premium Denim, and SCOOP, according to a press release from the two companies, and is in close proximity to The Standard Hotel, Christian Louboutin, Diane Von Furstenberg, STK, Apple store, and the future downtown home of the Whitney Museum, reports The Commercial Observer.
The Meatpacking District is the place to be in the fashion world, and as purveyors of high-end retail real estate, it is only fitting that we continue to expand our presence here," said Joseph Sitt, CEO at Thor Equities, in a statement. "Situated among many of the world's best nightlife, dining, and shopping outposts, 875 Washington is truly in the heart of the excitement and growth of Manhattan."
Robert Bellinger, president and CEO of ASB Real Estate Investments, said, "The Meatpacking District has experienced a massive transformation over the last 10 years, becoming a top destination for culture, art, high-end residential, entertainment, business and hotel development. This investment fits with ASB's strategy to acquire competitively positioned office and high-street retail properties with high NOI growth potential and strong demographic underpinnings."
For more news and information visit Blumberg Capital Partners.
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