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Thread: 344-346 West 14th Street near 9th Avenue - Meatpacking District

  1. #1
    NYC Aficionado from Oz Merry's Avatar
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    Oct 2002

    Default 344-346 West 14th Street near 9th Avenue - Meatpacking District

    Very nice building, not sure about the retail.

    Developer sues for $20M at stalled Meatpacking rehab

    September 04, 2009 By Adam Pincus

    A masonry wall still stands where a plate-glass retail facade was planned to debut in July at 344-46 West 14th Street

    The developer rehabilitating a Meatpacking District apartment building to include retail is accusing its lender of trying to take over the project through illegal activities, in a new $20 million lawsuit.

    The developer, 344-46 West 14th Associates, claims in the lawsuit filed Aug. 26 in New York State Supreme Court that the lender, Connecticut hedge fund Patriot Group, is trying to wrest control of the delayed and over-budget project at 344-46 West 14th Street near Ninth Avenue by refusing to allow outside financing and telling contractors that money to pay them had run out.

    The developer is claiming breach of contract; interference with contracts; fraud and other charges, and is seeking $20 million in compensatory damages, the suit says.

    "Patriot has taken control of the project... [which] is a result of its bad faith and fraudulent conduct involving the mezzanine loan, bad faith negotiations and wrongful actions that caused the project to shut down," the suit says.

    Both the borrower and lender declined to comment.

    The filing comes as real estate prices have plummeted in New York City by as much as half and borrowers and lenders are resorting, in increasing numbers, to litigation to battle over the remaining property value.

    Patriot originally lent $17 million in acquisition and development financing in November 2007 to the developer, an affiliate of Real Estate Equities, a Midtown-based development firm.

    The project to rehabilitate the 24-unit, six-story building was originally valued at $30 million, and its two new retail units were expected to be completed by July this year, the suit says, but now the retail completion is expected to be delayed by at least a year.

    Each retail unit at 344-46 West 14th Street is to include 2,250 square feet of space on the ground floor and 2,100 square feet on a lower level, with 20-foot frontage, mostly composed of plate glass, marketing information indicates. A recent visit by a reporter reveals virtually no work done to the exterior wall of one of the retail spaces that is still the original masonry. The other retail space could not be viewed.

    A property appraisal from last fall said the building was worth $23 million mid-construction, and $29 million when fully leased up with retail and residential tenants, the filing says.

    Shay Zach, a managing partner at brokerage Itzhaki Properties, estimates the property to be worth far less. He has analyzed the local market because he is marketing a property at West 14th Street and Avenue of the Americas.

    "If it went to market today, they would not get more than $18 million. But the retail is nice," he said.

    As the scope of the retail rehabilitation work grew, the developer sought more money from Patriot, but was denied; then it sought a $2.25 million mezzanine loan from a third party, but Patriot rejected that idea in January, the suit indicates.

    In May, under pressure from Patriot, the developer held a meeting with contractors at which an agent of the lender told the firms that there was no more money to fund the project leading at least one to walk off the job, the court papers allege.

    There are currently $1.3 million in mechanic's liens filed since January by eight contractors for alleged unpaid work at the site, according to

    The developer stands to lose $5.7 million of its own money, the suit says, if it loses the site.

    Faith Hope Consolo, chairman of retail leasing at Prudential Douglas Elliman, said the Meatpacking District is full of vacancies, with rents in the $200- to $250-per-square foot range.

    She had been marketing the building's retail until the first quarter of this year, when another firm took over.

    "We had activity," but no deals were ever finalized, she said.
    Last edited by Merry; September 5th, 2009 at 10:31 PM.

  2. #2
    NYC Aficionado from Oz Merry's Avatar
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    Oct 2002


    Over the road at 345:

    Luxury Condos Look to Succeed Where Jay-Z Failed

    October 13, 2010, by Joey Arak

    The 345 West 14th Street of today.

    The beat-up old three-story building at 345 West 14th Street doesn't look like one of downtown's hottest properties, but it is. The list of prominent names that have tried to knock it down and build something new and modern (and taller, of course) in its place includes Jay-Z and Andre Balazs, but they had to give up their hotel dreams when the economy petered out. Now the property is in the hands of DDG Partners, and above you see what the company has in store for the site. Brace yourselves, Scarpetta and Comix.

    We're talking luxury condos, designed by DDG's own in-house team with a big wall of windows facing west over the Gansevoort Market Historic District towards the Hudson River. All that pesky manufacturing zoning left over from the beefy days has made luxury housing a rare commodity in the Meatpacking District (with SHoP's Porter House, also seen in the rendering above, being the standard-bearer), so it would seem that there's a market for these apartments on MePa's outskirts. DDG is still finalizing the plans regarding units and layouts, which means there's still time for Jay-Z to buy the whole thing back to make up for his only failure other than that album with R. Kelly.

    345 West 14th Street [DDG Partners]
    345 West 14th Street coverage [Curbed]

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    NYC Aficionado from Oz Merry's Avatar
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    "Gansevoort Square" Tops Out But Remains Shrouded

    by Dave Hogarty

    The former "Gansevoort Square" building at 345 West 14th Street is topped out and AFineBlog has a shot of the building still shrouded in unrevealing construction netting. That's too bad, because we're eager to see the three-story bronze cornice take shape as it nestles into the stepped terraces to the east. DDG Parnters informs that the facade will consist of a "light-gray hand-laid Kolumba brick imported from Denmark" (see here for an example we caught on display inside 41 Bond Street). The developer expects completion of the project in 2013/2014.

    "Gansevoort Square" Topped [AFineBlog]

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    The Real Deal

    345meatpacking launches sales

    October 26, 2012 11:00AM

    Renderings and interior shots of 345Meatpacking

    Finding a new apartment in the glitzy Meatpacking District can be as hard as meat distributors in the neighborhood, the New York Times reported. But 345meatpacking, a DDG development that recently launched sales, stands out in the district that’s primarily zoned for manufacturing, which makes the presence of new homes something difficult to achieve.

    Located at 345 West 14th Street by Ninth Avenue, the 12-story condominium has 37 units. They span from 690-square-foot one-bedroom units to a 2,100-square-foot three-bedroom units. The development also houses five so-called penthouses, one of which measures 3,750 square feet inside and a 1,930 square-foot terrace.

    Prices will start at $1.1 million, a DDG spokesperson told The Real Deal.

    This building grabbed attention this summer when it was shrouded by a Yayoi Kusama-print mesh wrap.

    As The Real Deal previously reported, rapper Jay-Z and hotelier Andre Balazs tried and failed to deliver a hotel at the site, after defaulting on the $52 million senior loan in 2009. In a settlement with the lenders, Jay-Z deeded the property back to them for the full value of the senior mortgage. [NYT]Zachary Kussin

    Ruby Washington/The New York Times

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    Default 17 Feb 2013

  8. #8
    Fearless Photog RoldanTTLB's Avatar
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    Well, it's certainly accurate to the rendering.

  9. #9


    This building looks like a big nothing in photos: but is very attractive when viewed first hand. The entire building has a multi-tone colored brick that is also rusticated (or textured) so as to produce a combined affect that is very nice looking to say the least. The deep set windows have polished brass mullions that add a touch of shimmer the masonry facade: and the darker colored set-back section at the top adds another element of visual interest.

    I frequently view buildings on these forums, and then also frequently walk past them as I travel about the city: you would be amazed how different many often appear - it is something you have to see to believe.

    I have notice there are many more of these type of smallish condo developments being built around town, as opposed to those 100 plus mega developments such as Atlantic Yards; and those smaller 'boutique condos' are typically more attractive IMHO as far as the architectural aesthetics goes anyway - the smaller size make for a more inviting street front experience as well.

    Well, at least one get at least 'part' of the story in words and images here: not a bad start - but do get out there and see this building for yourself, it is lovely.
    Last edited by infoshare; February 19th, 2013 at 04:02 PM.

  10. #10


    Cross-posting from High Line Area Development thread
    August 26th, 2013, 07:27 AM

    Quote Originally Posted by Tectonic View Post


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    That looks great! I'll have to run over and see it in person to make sure that brick works.

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    Default 28 Sep 2013

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  14. #14


    The variety of scales and styles work very well in this area. Probably the best in the city. Grand Army Plaza would be right up there if it's pedestrian spaces were more congruous.

  15. #15
    NYC Aficionado from Oz Merry's Avatar
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    Oct 2002


    Fits in very nicely with that awesome assemblage. Great photo, Zippy .

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