Thor Equities has formed a joint venture with Taconic Investment Partners to redevelop 837 Washington Street in the Meatpacking District at a valuation of $55 million.
837 Washington will be developed into a brand new 55,000 s/f, six story office and retail building featuring a four story glass and steel addition built atop an existing warehouse.
Across the street from Andre Balazs Standard Hotel, 837 Washington is one of most prominent retail locations in all of the Meatpacking District.
Thor Equities is handling the retail leasing aspect of the development for the first two floors of space, which totals 28,000 s/f.
The deal was put together in an off market transaction by Ivan Hakimian and associate Kevin Esh from HPNY. HPNY has made a splash in the market in recent months.
They have been focused on Retail, Multi-family, Office and development sites primarily in Manhattan under 96th St.
Hakimian said HPNY is working on a lot of quiet retail deals in Soho and the Meatpacking district.
“Our main focus is to work on quiet deals,” he said. “We’ll work on a $3 million walkup deal and at the same time we are working on a $60 million retail condo and quietly negotiating a prime trophy office deal valued around $160 million. “If the economics of the deal make sense, we’ll work on it.”
HPNY signed up an office building, a residential building and a hotel development site in Manhattan in recent weeks. The company is also working on a 38 foot wide townhouse on the Upper East Side on 74th Street between Park & Lexington.
Among other deals they have been focused on, two other prime hotel development sites in Manhattan and Brooklyn as well as a mixed use development site in Queens that can support a project up to 500,000 s/f buildable.