Bobby Cayre is making another play in the Meatpacking District.
The developer’s Aurora Capital Associates has joined landlord David Ellis Real Estate to renovate and upgrade 24 Ninth Avenue, a 50,000-square-foot office and retail building near the heart of the trendy neighborhood, sources told The Real Deal.
Aurora came in to manage the complete overhaul of the property, which sits across 14th Street from the Apple store where Ninth Avenue and Hudson Street meet to form a cobblestoned pedestrian plaza.
Cayre’s firm secured a $35 million mortgage from IDB Bank. The redevelopment will cost about another $25 million, which one source said could value the property around $85 million.
A representative for Aurora declined to comment and a representative for David Ellis could not be immediately reached.
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A Newmark led by Brett Siegel and Evan Layne represented Ellis in the agreement, while Newmark’s Dustin Stolly and Jordan Roeschlaub arranged the debt financing. The brokers did not respond to requests for comment.
The building at 24 Ninth Avenue, also known as 675 Hudson Street, dates back to 1849 and includes four floors of offices above retail, where the tenants include Dos Caminos and Kobrick Coffee.
The roof also features a lucrative billboard used by Google, which has a major office presence in the area.
Aurora is one of the biggest landlords in the Meatpacking District but owns retail real estate across the city. The company recently picked up the leasehold on the 100,000-square-foot GWB Market at the George Washington Bridge Bus Station in Washington Heights in a $46 million deal with Bridges Development Group.