The Real Deal New York

Atlas buys Chelsea residential buildings for $73M 

Adjacent properties house combined 245 apartments across 118K sf

August 10, 2015 05:55PM
By Rey Mashayekhi

225 West 23rd Street in Chelsea

225 West 23rd Street in Chelsea

Atlas Capital Group bought a pair of Chelsea residential buildings for $72.9 million, according to property records filed with the city Monday.

The Midtown East-based investment firm acquired the two adjacent properties — located back-to-back with frontage on parallel streets — from Harrison, N.Y.-based Rao & Rao LLC, a company affiliated with the estate of real estate investor Bernard Kayden.

One of the properties, a seven-story, 67,000 square-foot building 225 West 23rd Street, houses 127 residential units across 61,000 square feet as well as 6,000 square feet of commercial space. The other, a six-story building at 220 West 24th Street, holds 118 residential units across 57,000 square feet of space.

Property records show Kayden owned both buildings dating back to 1976.

Among Atlas Capital Group’s developments including a new mixed-use project at St. John’s Terminal across from Pier 40 at Hudson River Park.

Neither Atlas nor the seller could be reached for comment.