The Real Deal New York

Hong Kong company pays $53M for Chelsea development site

Sites at 531-539 Sixth Avenue come with 60K sf in air rights

June 03, 2016 02:31PM
By Konrad Putzier

From left: 531-537 and 539 Sixth Avenue

From left: 531-537 and 539 Sixth Avenue

Hong Kong-based Gemini Investments is in contract to buy a Chelsea bank building and an adjacent walkup for $53 million, according to a statement. The combined lot at 531-539 Sixth Avenue has enough air rights for a 60,000 square foot apartment building.

In the larger of two deals signed last week, Gemini paid $42.4 million for the single-story, 14,000 square foot retail building 531-537 Sixth Avenue. The building, once home to an HSBC bank branch, is vacant. Eva Usdan, Rebecca Colin and the Samuel Flug Colin 2004 Legacy Trust are the sellers.

Gemini also bought the adjacent, four-story retail and apartment building 539 Sixth Avenue from an unnamed seller.

Gemini Investment Holdings is a public real estate investment company. Its stock is listed on the Hong Kong Stock Exchange.

Eastdil Secured’s Adam Spies, Doug Harmon, Adam Doneger and Brett Siegel represented the seller.

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