Trendy eyewear designer KREWE pays $14.8M for retail building in Meatpacking District

An affiliate of the trendy New Orleans-based eyewear designed KREWE through the entity Nueva Maison LLC paid $14.8 million to Anne Fairfax Ellett through the entity Fairfax & Sammons Properties LLC for the retail building at 67 Gansevoort Street in Meatpacking District, Manhattan.
The deal closed on December 20, 2021 and was recorded on January 18, 2022.
The property has 5,317 square feet of built space and 4,680 square feet of additional air rights for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,776 and the price per buildable square foot is $1,476 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Anne Fairfax Ellett was Anne Fairfax Ellett.
Prior to this transaction, the buyer KREWE had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Anne Fairfax Ellett had not purchased any other properties and had not sold any properties over the same time period.
The 5,317-square-foot property generated revenue of $690,791 or $130 per square foot, according to the most recent income and expense figures.

One of the projects were to change the building from a RES to a COM.
The buyer KREWE is at the address of the sunglasses brand’s headquarter’s building in New Orleans. The retailer has a store at 93 Crosby in Soho.
In Meatpacking District, the majority, or 25 percent of the 2.3 million square feet of built space are retail buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Meatpacking District has 1.2 times the average sales volume in the city with $343.7 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Meatpacking District has had very little major development activity relative to other neighborhoods. It had 5,419 square feet of commercial construction under development in the last two years, which represents 0.24 percent of the neighborhood’s built space.
On the tax block, the majority, or 52 percent of the 495,091 square feet of built space are specialty buildings, with mixed-use buildings next occupying 39 percent of the space.
Within a 400-foot radius of 67 Gansevoort Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, four were for major renovation including a certificate of occupancy change. They were three permit applications with a total initial cost of $1.4 million and one initial temporary certificate of occupancy issuance for a project that initially costed $10.1 million. The most recent of these four items was the filing on July 8, 2021 for a 6,526-square-foot M building with 0 residential units at 69 Gansevoort Street.
Of those nine items, two were sales above $5 million totaling $31.2 million. The most recent of the two was Palmsaw LLC which bought the 6,010-square-foot, one-unit townhouse (A4) on 79 Horatio Street for $24.5 million from 79k Horatio, LLC on September 29, 2021.
Of those nine items, three were loans above $5 million totaling $114.6 million. The most recent of the three was SK Development and CB Developers which borrowed $44.6 million from Aareal Capital secured by the 47,800-square-foot, five-unit office building (O5) on 831 Greenwich Street on July 7, 2020.

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