Caprice Holdings, a subsidiary of Abu Dhabi‑based DIAFA, has agreed to buy the historic Herring Building at 675 Hudson Street for $100 million, pending approval from New York City’s Landmarks Preservation Commission.
Deal details and financing
The five‑story, 29,300‑square‑foot structure, often called the “Little Flatiron,” was sold by Aurora Capital Associates, which had purchased it in 2023 for $50 million. The transaction values the property at about $3,413 per square foot, a notable increase from the $1,706 per square foot price Aurora paid a year earlier.
Financing for the purchase comes from a $165 million loan arranged with HSBC. The seller, led by Robert Cayre, reportedly saw the sale as a profitable exit after doubling its investment within twelve months.
Planned conversion to Annabel’s New York outpost
The company intends to transform the former safe and lock factory into the first international location of the London private club Annabel’s. The club, once part of the hospitality empire owned by British businessman Richard Caring, will expand beyond its UK base with this New York venue.
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Annabel’s plans, submitted to the preservation commission, call for a restoration of the brick façade and metal cornice, along with a new curved glass rooftop enclosure designed by BKSK Architects. The commission has expressed reservations about the glass structure, noting it may not match the building’s historic character.
Inside, the club will feature dining rooms, bars, event spaces, and “hospitality‑focused programming.” The addition of a rooftop enclosure is meant to provide a modern contrast to the 1849 industrial architecture, though critics worry the glass could clash with the original stonework.
In the broader context, the Meatpacking District continues to attract large‑scale investments. Earlier this year, alternative‑asset managers TPG and Angelo Gordon, together with Aurora, bought 410 West 13th Street for $71 million, a price of $888 per square foot for the 80,000‑square‑foot building.
Comparing this purchase to past deals in the neighborhood shows a trend toward higher per‑square‑foot valuations, especially for properties that can be repurposed for upscale hospitality uses. The shift mirrors other recent transactions where investors have paid premium prices for sites with historic or architectural significance.
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The Herring Building’s transformation will also involve compliance with city landmark rules. Officials have previously flagged the rooftop addition as potentially out of step with the building’s historic character, a concern that may affect final design approvals.
Caprice’s acquisition reflects DIAFA’s broader strategy after its April purchase of a majority stake in Caring’s holdings for $1.8 billion. That deal, which included the subsidiary, left Richard Caring with a minority interest and the role of executive chairman.
Once completed, the Annabel’s outpost will join a limited list of private clubs that have opened locations outside their home markets, positioning the brand alongside other luxury hospitality names seeking a foothold in New York’s high‑end social scene.
The timeline remains unclear.