Although it has been in decline since the 1930s, today the High Line is a popular park attracting some five million people annually. This has resulted in a total transformation of the area. Thus the owners of Terminal Stores are trying to benefit from this, becoming an office-restaurant hub like nearby Chelsea market.
According to Watefront NY managing partner (that owns Terminal Stores in conjunction with GreenOak Real Estate investment firm) Coleman P. Burke believes, “everybody loves this neighborhood, and it’s just going to become more spectacular each year.” Potential future tenants include: Uber (app firm for hailing rides) and Danny Meyer restauranteur. This is known as a “hip” location.
Last year GreenOak purchased a 49 percent stake in Terminal Stores, valued at $300 million.
GreenOak has a wealth of experience in properties in America and around the world. For example, just last year, together with Grupo Lar, the firm agreed to acquire a portfolio of Spanish shopping centers from Vastned Retail N.V. This comprises seven shopping centers and one retail park.
Rentals at the High Line area will be $50 a square foot, as compared to greater Chelsea where prices were $59 a square foot at the end of 2014.