Meatpacking Sizzles

This is how hot the Meatpacking District is: The holder of a 49-year leashold on the site of fashion retailer Theory’s new flagship store and corporate offices is putting that leasehold up for sale – even before the project is built.

Developer Charles Blaichman is one of the neighborhood’s most active players – he’s a major partner, for example, in 29-35 Ninth Ave., the building that houses Jean-Georges Vongerichten’s Spice Market and super-exclusive club Soho House on the top floors.
Not long ago, he quietly bought a 49-year leasehold on 40 Gansevoort St., former home to a meat wholesaling plant, from the family that owns the land.

Blaichman demolished the old building and lured Theory, for which he’s building a five-story, 64,000 square foot headquarters and flagship store on the ground floor and basement, with showrooms and offices upstairs.

Now, Blaichman has decided to sell the leasehold, and he’s tapped Eastern Consolidated’s Ron Solarz and Eric Anton, along with Sinvin Realty’s Christopher Owles, to sift offers.

None of the brokers would discuss the asking price, but our moles on the cobblestone streets say a ‘dream number’ would be “north of $30 million.” It’s not known what Blaichman paid when he bought the leasehold.

“How hot are things in Meatpacking?” Anton mused. “White hot is about to become blue-hot – Ron and I know of three or four super-secret deals close to happening.”