Avison Young brokers sale of 22,285 s/f retail building at 446 W 14th St. for $23.5 million

Manhattan, NY Avison Young brokered the sale of a 22,285 s/f retail building located at 446 W 14^th St. in the Meatpacking District for $23.5 million to a joint venture between Klosed Properties and Namdar Realty Group. The property is fully leased to Puttery, an upscale mini golf bar concept.

Avison Young principal and head of U.S. investment sales James Nelson and directors Brent Glodowski, Mitchell Levine and Noah Kossoff of the firm’s Tri-State investment sales team represented the seller, Meatpacking Retail LLC in the disposition. Klosed Properties managing director Steven Kashanian and Namdar Realty Group CEO Igal Namdar led the deal on behalf of the joint venture.

The three-story property features over 50-ft. of frontage along West 14^th St., which has undergone a transformation into one of the borough’s most sought-after retail corridors. Puttery has invested significant capital in the space including building out a commercial kitchen, two themed mini golf courses and four full-service bars, reinforcing their long-term commitment to this flagship location. Backed by Drive Shack Inc., a publicly traded leisure and entertainment operator, Puttery benefits from a corporate lease guaranty and has approximately eight years of term remaining on a NNN lease, with the tenant responsible for 100% of real estate taxes.

“In a market where quality retail is increasingly hard to find, this property stands out as a stabilized, best-in-class asset with strong demand fundamentals and long-term value,” said Nelson. “The fully built-out lower level and year-round rooftop bar and event space maximizes functionality and revenue potential, offering investors a rare combination of long-term income security, high-profile tenancy and institutional-quality real estate.”

According to Avison Young’s Q4 Manhattan property sales report, retail transaction activity increased 6% quarter-over-quarter even as overall dollar volume declined, pointing to continued buyer selectivity.