Grubb & Ellis completes $23.25 million sale of 22,000 s/f mixed-use building; Team includes: Carrega, Helman, Kingsley and Meister

Grubb & Ellis Co.'s New York office represented Real Estate Equities Corp. in the sale of 344-346 W. 14th St. The 22,000 s/f, mixed-use apartment building is located in the Meatpacking district and was purchased by First Atlantic Real Estate for $23.25 million. Grubb & Ellis' Vincent Carrega, Neil Helman and Charles Kingsley, all executive vice presidents, and Jason Meister, associate, worked on this assignment for Real Estate Equities Corp., a privately held, N.Y.-based investment/development company whose other current projects include a ground-up residential development in Tribeca, a mixed-use redevelopment in SoHo and a retail development in the Meatpacking district. The six-story, newly renovated property comprises 20 apartments and two retail spaces with selling basements. Carrega said, "The dynamics of the Meatpacking district will enable the purchaser to continue to see added value from the asset through the repositioning of many of the rent-regulated apartments, as well as from the strength of the neighborhood as a retail destination." "The Meatpacking district, at the crossroads of Chelsea and West Village, is one of Manhattan's most exciting neighborhoods. The property at 344-346 W. 14th St. is a high-quality asset that will continue to reap the benefits of New York City's demand for multi-family properties, making the property an extremely attractive investment," Helman said. "Grubb & Ellis is proud to have successfully completed this complex transaction in just five months." The sale price reflects a stabilized cap rate of approximately 5.45% and a gross rent multiplier of approximately 15 following the renting of the remaining vacant retail unit. Grubb & Ellis Co. is one of the largest and most respected commercial real estate services and investment companies in the world. Our 5,200 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment management business, the company is a leading sponsor of real estate investment programs. For more information, visit www.grubb-ellis.com.