Creativity

601W’s vision was to creatively transform the dated manufacturing building, which was located in an unsafe and deserted neighborhood in the far west side of Manhattan, into a new media and technology center that would then attract millennial tenants with rental rates at five times its then current average of $5/foot. With a dramatic design and vast infrastructure changes and improvements, 601W completely transformed Starrett-Lehigh into what is today: one of the premier new media buildings in Manhattan that helped redefine the West Chelsea area as one of the choicest neighborhoods in New York City. Starrett-Lehigh today is the epicenter of the gentrification and rehabilitation that has occurred in the entire West Chelsea neighborhood, with many world-renowned tenants in the media and design industries. The Property was refinanced twice within five years of acquisition, and eighteen months after the second refinance the principals of 601W sold a 49.9% interest in the building at a value that was triple its original price! In 2011 the Property was sold for $950 million, which was $800 million more than 601W’s acquisition price!