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Hogs & Heifers cost Thor $96M

10:36 am, January 16, 2013

By Holly Dutton

Thor Equities has purchased a Meatpacking District building for $96 million, according to public records.
The building, at 428 West 14th Street, one block from The High Line, was purchased from 430 W14 Realty, LLC.

428 West 14th Street

Constructed in 1900, the 47,300 s/f, five-story property is fully leased to retail and office tenants such as Scoop, clothier Alexander McQueen and bar Hogs & Heifers. The building traded hands a year ago when it was purchased by a Los Angeles-based investor for $65 million from Blackrock Realty Advisors.

A year later, the sales price jumped more than $30 million.

The purchase is the second Meatpacking deal made by Thor in recent months.

Late last year, the company partnered with Taconic to develop 837 Washington Street, a 55,000 s/f retail and office building on the corner of Washington 13th Streets, across from the High Line.

The neighborhood, famous for its restaurants, nightlife scene and upscale retailers, has seen a flood of investors take notice of its booming attractions.

Thor Equities CEO Joe Sitt told Real Estate Weekly in December that the epicenter of the Meatpacking district has moved from Ninth Avenue to Washington Street, driven by neighborhood hotspots, The High Line and Standard Hotel, as well as the planned move in 2015 of the Whitney Museum to Gansevoort Street at the southern entrance to the High Line.

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