Amalfi Capital partners with Tavros Capital & Arel Capital in Meatpacking District Redevelopment, New York City, N.Y
The redevelopment of two historic buildings into a single 76,909 RSF Class A mixed-use asset with boutique office building and high-end retail.
Meatpacking Plaza – NYC
1. Prime Location in Gateway City: – The Property is centrally located in the gateway market of New York City, within the Meatpacking District. The Meatpacking District is a hip, 24-hour neighborhood located on the far west side of Manhattan, bordered by Chelsea to the north and the West Village to the south. At ground level, the cobblestone streets are filled with trendy restaurants and high-end retailers that have taken over the cavernous spaces once occupied by the namesake meatpacking plants. In the district’s office buildings, some of the most relevant technology companies are blazing tomorrow’s trail. Chelsea Market, a heavily trafficked indoor food and retail marketplace which attracts six million national and international visitors annually, is less than a block away from the Property.
2. Technology Hub: – In the district’s office buildings, some of the most relevant technology companies are blazing tomorrow’s trail. Google, one of the world’s largest companies by market value, has invested heavily in the immediate area, thus providing a significant presence of high earning local workers and residents. Google’s 111 Eighth Avenue, located one block from the Property, is the most important fiber node on the East Coast. This offers one of the shortest latency periods (speed of data transmission) in NYC, something that is very important to many of today’s financial firms, which are flocking to the area from Midtown South and the Financial District.
3. Unique Opportunity to Preserve Historic Exterior while Redeveloping, Modernizing Interior: – The Property is currently composed of two neighboring three-story historic buildings. This project calls for a substantial restoration and preservation of the two existing historic buildings and development of an addition, encompassing floors 5-9. The historic buildings will continue to be used as retail space at the ground floor and converted into new office space on the upper floors. The new office space will complement the historic buildings surrounding it in scale and materiality with an exterior terracotta frame and brick side walls.
“Amalfi Capital is very excited to partner with Tavros Capital and Arel Capital in the redevelopment of what is perhaps one of the best locations in Manhattan. A chance to develop premier office space and 2 story ground floor retail in a thriving high traffic area and technology center next to Google, The Chelsea Market and many other fintech startups is a great opportunity”, said Mike Schnurr, M.P. of Amalfi.
Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 1 million square feet of property with a gross value over $125 million throughout the United States. Amalfi focuses on expanding its portfolio by acquiring or being a passive limited partner in residential, commercial, & industrial assets that it believes are well positioned for above market returns over the long run. Amalficapital.biz – AmalfiCapitalinfo@gmail.com