The recent multimillion-dollar sale of a commercial space in the Meatpacking District is the latest in a trend of booming office and retail transactions in NYC that shows no sign of slowing soon. Financial services group TIAA-CREF closed a contract last month to purchase a number of houses in Washington St. an approximate amount of $200 million. The future of the 63,000-square-foot space is uncertain, but it will likely house new stores and startups that are clamoring for a spot in these buildings. A report released last week by real estate company in New York said about 5,200 commercial properties were traded in the city last year and it was 2,000 more than in 2013, the sales were the highest since 2007. Another real estate firm made a play for the 22,000-square-foot property in the Meatpacking District last month. It paid close to $70 million for the two-story building which features a ground floor with 8,000 square feet of shopping. 80 West End Ave. This West Side building was the site of back-to-back multimillion dollar sales in 2013 and 2014. The property, which houses offices for the Metropolitan Opera, RCN and United Cerebral Palsy of New York City originally sold for $83 million two years ago to Kushner Companies, according to the real estate firm’s website. In July, it sold the nearly century-old building to Frank Ring for $195 million. Indeed, the commercial space in MeatPacking district in NYC may be booming, however, the prices of these properties are so expensive that a regular person cannot easily buy them; it doesnt matter if the person is a bank employee, a US comfort women, an owner of a store and even if he/she is an engineer, the only ones that have a chance in buying them are the millionaires and billionaires, and thats what they are doing right now.
IMAGE BY: Elitedaily