William Gottlieb Real Estate has formed a joint venture with Aurora Capital Associates to redevelop the adjoining properties at 9-19 Ninth Avenue and 406 West 13th Street, in the heart of Manhattan’s Meatpacking District. The Ninth Avenue address includes the site of the popular French bistro Pastis.
The buildings are part of the extensive Manhattan real estate holdings in the estate of William Gottlieb. The estate encompasses more than 100 buildings in Greenwich Village and the Meatpacking District, all of which are managed and leased by William Gottlieb Management Co., LLC, headed by Irving Bender and Neil Bender.
“We are honored that Irving and Neil chose our company to participate in the redevelopment of this amazing piece of real estate,” said Bobby Cayre, president of Aurora. “Irving and Neil are great partners to have, and we are already working on other exciting opportunities together. William Gottlieb Real Estate’s unparalleled downtown portfolio, acquisition foresight and extensive relationships throughout the city greatly complement Aurora.”
The contiguous buildings slated for redevelopment, which include a footprint of 18,000 square feet with 250 feet of wraparound frontage and a total of more than 100,000 square feet of air rights, “offer enormous potential as a flagship site for luxury retail brands and for a boutique hotel or office development,” said Aurora vice president Jared Epstein. He added, “Interest in this site, which is the epicenter of the Meatpacking District, has been remarkable, and we haven’t formally hit the market yet.”
As part of the joint venture, William Gottlieb Real Estate has made an investment in Aurora’s neighboring redevelopment at 21-27 Ninth Avenue, which features Sephora and Catch.
Neil Bender stated, “I am happy to be partnering with Aurora on these projects in the Meatpacking District and future projects throughout New York. Our combined development experience and retail expertise create a strong synergy between our firms, which will enhance our future success together.”
William Gottlieb Real Estate is one of the largest real estate companies in Manhattan. William Gottlieb’s approach to real estate is a visionary one, building an empire by acquiring and developing strategic sites primarily in Greenwich Village, the Meatpacking District and the Lower East Side.
Aurora Capital Associates owns over 150 properties in major cities throughout the United States, and is recognized for adding value to assets located in the best retail corridors. The firm has a proven track record of excelling with unique and complicated opportunities, and has worked with notable retailers such as Saks Fifth Avenue, Barneys New York, Abercrombie & Fitch, Limited Brands, Zara, Express and LVMH, to name a few.