Ron Burkle buyeth and Ron Burkle selleth away.
It’s only been 48 days since supermarket magnate Burkle closed on his $65 million purchase of 430 W. 14th St. that includes his retailer, Scoop, and the rowdy Hogs ‘N Heifers bar — but he’s already trying to nearly double his money.
To unlock the value of the 61,321 square-foot red brick loft office building on a key block in the hot Meatpacking District, Burkle has now hired an Eastdil Secured team to flip it at a price that some say could top $100 million.
Sources say that Burkle, who owns a majority interest in Scoop, has tapped Eastdil’s Douglas Harmon, Adam Spies and Kevin Donner to cut a “flexible” deal that would help him max his profit on the retail space. The transaction could include Scoop staying in some space or leaving either sooner or later, depending on the buyer’s needs.
According to the metes and bounds, the building has 50 feet on West 14th Street and then another 206 feet of frontage along Washington Street opposite Diane Von Furstenberg’s store, and runs another 50 feet along West 13th Street by the Standard Hotel.
Retail rents have skyrocketed in the area along with foot traffic since the High Line opened. West 14th Street retail asking rents now range from $250 to $500 a square foot, according to broker Kim Mogull of Mogull Realty, who brought Scoop to a small lease there in 2002 at about $75 a square foot.
In 2004, she represented Scoop in a lease for the corner at over $100 a square foot, and they have continually expanded into what is now 12,700 square feet that includes some of the basement. Last spring, the perfumery Bond No. 9 signed a market-rate deal for 1,000 feet for a Washington Street store.
Among the upstairs office tenants are Alexander McQueen, Rena Lange and the Edris salon. Office rents have also bumped up in the area to $60 – $70 a square foot and higher as Midtown South is the tightest market and among the most desirable in the nation.
That’s helped Harmon and his team sell and recapitalize area buildings that in the last 14 months have included the Chelsea Market, the Starrett-Lehigh Building, 111 Eighth Ave., the Hotel Chelsea, 620 Ave. of the Americas, both Toy Buildings and the Mobil gas station on the end of West 14th Street that is being redeveloped into retail space.
The brokers didn’t return calls or e-mails for comment and neither did Burkle, who last fall also bought the nearby Soho House.
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The ball has been passed, sort of.
The building that hosts the annual New Year’s Eve ball drop in Times Square has been recapitalized at $112,887,500.
Jamestown, the majority stakeholder, confirmed they bought out Jeffrey Katz’s Sherwood Equities and transferred the building to Jamestown’s new open-end core fund.
“He’s still the manager and leasing agent,” said Michael Phillips, of Jamestown, about Katz.
Katz said the equity stake was purchased but wouldn’t provide a price or a reason, saying, “It seemed like a good idea at the time.”
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The beauty and cosmetics firm Borghese will be moving its city headquarters up Fifth Avenue to the entire 8,000 square-foot 20th floor of 3 E. 54th St., owned by Cohen Bros.
The company will make the move this spring from its current digs at 10 E. 34th St.
The Cushman & Wakefield team of Bruce Mosler, Arthur Mirante and David Glassman represented both sides in the 10-year transaction. Asking rents at the Cohen building are $50 a square foot.
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The French artisan baker Eric Kayser has leased 3,300 square feet on the ground and 1,500 of the lower level at 1294 Third Ave. on the Upper East Side. The in-line store at the base of the co-op at 175 E. 74th St. has 50 feet of prominent frontage.
The previous tenant, the spa Ajune, is relocating. The asking rent was $175 a square foot. Paul Berkman and Davie Berke of Newmark Knight Frank represented the tenant, which has “grand plans” for the States.
“They are actively looking for three locations in the city, and then they will take it to the next level,” said Berkman. Berke added, “They are known for the most amazing bread.” Rick Dana of Prudential Douglas Elliman represented the co-op board.
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Ofer Yardeni and Joel Seiden’s Stonehenge Partners closed yesterday on the 65-unit apartment building at 364 W. 18th St., on the southeast corner of Ninth Avenue, for $65 million.
The building was marketed by Brian Ezratty of Eastern Consolidated on behalf of Morris Moinian, who bought it in Nov. 2007 for $31.4 million.
Yardeni said he will rename the building Stonehenge 18 and will fix up everything including the hallways and lobby and will reposition the retail, which is near both 111 Eighth Ave. and Chelsea Market.
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City records show that Millennium Partners sold stakes and recapitalized the Ritz Carlton Hotel at 50 Central Park South with Westbrook Partners for $105 million.
Other options and interests were also traded for a total of an additional $115 million, while a $75 million mortgage was also amended.
The 256-room hotel was redeveloped from the former St. Moritz, and its top floors were redeveloped into luxury condominium residences that are separately owned. The hotel also sits on leased land. No one returned calls for comment.
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In his column yesterday, The Post’s Steve Cuozzo noted that the Port Authority bid out work at the Calatrava PATH station even though the drawings were only 70 percent complete, under the now under-fire “design build” process.
Barry LePatner, a lawyer who has written books like “Too Big to Fall,” about the nation’s crumbling bridges, told me on Monday that the state’s plan to do the same thing for the construction of a new Tappan Zee Bridge is an “invitation to disaster.”
“There are horrendous implications to start work on a project of that magnitude without completed drawings,” LePatner said. While he commended Gov. Andrew Cuomo on his willingness to spend $15 billion on the bridge, LePatner believes it will quickly balloon to $30 billion if allowed to proceed without completed construction drawings.
“Fast-tracking something that has been under design and studied for 15 years is an oxymoron,” LePatner said.
“Because if it takes another eight or 10 months to finish all the drawings and all the details, so what if it will save $2 billion or $3 billion we don’t have? Fast-tracking and sending out incomplete design documents for bid is an assurance of major cost overruns. You take the extra time and make sure they are complete and coordinated. Then the contractor [should] bid for a true fixed price and assume the costs of completion on schedule.” Amen.