krulltime
July 4th, 2004, 11:04 PM
U.P.S. Packages Parking Lot for Eager Developers
July 4, 2004
United Parcel Service has quietly been soliciting offers for a two-block-long parking lot it owns on West Street, which developers have long salivated over as an ideal spot for high-end apartments.
"Now we're getting down to the nitty-gritty, we're getting down to the deal making, who's got what and what we want to do," said Bob Godlewski, a spokesman for the Atlanta-based company.
An apartment building on the property, which runs from Spring Street to Charlton Street, would help string together the disparate developments that have popped up on West Street and its environs, from the green glass towers designed by Richard Meier at Perry Street to the celebrity-friendly Morton Square at Morton Street and the wavy-fronted building by Winka Dubbeldam, the Dutch architect, on Greenwich Street below Spring.
Mr. Godlewski said the company reached out to about 25 developers early last year to gauge interest. He said U.P.S. has narrowed the field and is in talks toward reaching a deal. He declined to name the developers involved.
U.P.S. uses the lot to hold tractor trailers waiting to be unloaded at a neighboring terminal on Greenwich Street. The company is seeking a deal that would still give it space for its trailers, such as continued access to part of the lot or a garage area.
Mr. Godlewski declined to say when a deal might be expected. But three real estate executives aware of the bidding on the property said they believed U.P.S. had selected a developer and a contract was near. One executive said the 80,000-square-foot site was expected to fetch between $40 million and $60 million. The lot would have to be rezoned to allow an apartment house to be built.
If a deal goes through, the lucky developer will want to speak with the Department of Sanitation, which has a garage across Spring Street, where garbage trucks are often lined up at the curb.
A sanitation spokesman said the city planned to move the garage but had not yet found an alternative location.
Copyright 2004 The New York Times Company
July 4, 2004
United Parcel Service has quietly been soliciting offers for a two-block-long parking lot it owns on West Street, which developers have long salivated over as an ideal spot for high-end apartments.
"Now we're getting down to the nitty-gritty, we're getting down to the deal making, who's got what and what we want to do," said Bob Godlewski, a spokesman for the Atlanta-based company.
An apartment building on the property, which runs from Spring Street to Charlton Street, would help string together the disparate developments that have popped up on West Street and its environs, from the green glass towers designed by Richard Meier at Perry Street to the celebrity-friendly Morton Square at Morton Street and the wavy-fronted building by Winka Dubbeldam, the Dutch architect, on Greenwich Street below Spring.
Mr. Godlewski said the company reached out to about 25 developers early last year to gauge interest. He said U.P.S. has narrowed the field and is in talks toward reaching a deal. He declined to name the developers involved.
U.P.S. uses the lot to hold tractor trailers waiting to be unloaded at a neighboring terminal on Greenwich Street. The company is seeking a deal that would still give it space for its trailers, such as continued access to part of the lot or a garage area.
Mr. Godlewski declined to say when a deal might be expected. But three real estate executives aware of the bidding on the property said they believed U.P.S. had selected a developer and a contract was near. One executive said the 80,000-square-foot site was expected to fetch between $40 million and $60 million. The lot would have to be rezoned to allow an apartment house to be built.
If a deal goes through, the lucky developer will want to speak with the Department of Sanitation, which has a garage across Spring Street, where garbage trucks are often lined up at the curb.
A sanitation spokesman said the city planned to move the garage but had not yet found an alternative location.
Copyright 2004 The New York Times Company