The Real Deal New York

32BJ buys commercial condos at Chelsea HQ from RXR for $144M

Union currently occupies 243K sf in building

July 08, 2016 06:31PM
By Rich Bockmann

620 Sixth Avenue

620 Sixth Avenue

Property-service union 32BJ SEIU bought four commercial condos from landlord RXR Realty at its Midtown South headquarters for $144 million.

The 120,000-member union, which is based in New York City and operates in eight states and Washington, D.C., picked up the units at RXR’s 620 Avenue of the Americas in Chelsea for $143.9 million, property records filed with the city Friday show.

The union currently occupies 243,000 square feet on the building’s 4th through 6th floors, according to CoStar.

In 2011, RXR TRData LogoTINY bought a controlling interest in the seven-story, 719,000 square-foot building from a partnership led by the Chetrit Group in a deal that valued the building at $500 million. The Long Island-based developer then picked up the remaining 45-percent interest the following year.

The property’s retail component is anchored by Bed, Bath and Beyond and TJ Maxx.

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