The Real Deal New York

Related moves forward with mixed-use project in Chelsea

Building at 501 West 18th will rise 10 stories and feature 63 apartments

September 30, 2016 11:08AM
By Miriam Hall

From left: 511 West 18th Street and 131 10th Avenue in Chelsea, and Related's Jeff Blau (credit: Chris Martin)

From left: 511 West 18th Street and 131 10th Avenue in Chelsea, and Related’s Jeff Blau (credit: Chris Martin)

UPDATE: Friday, Sept. 30 at 12:23: The Related Companies is planning a 63-unit mixed-use building at 501 West 18th Street in Chelsea, according to permits filed with the city Friday.

The 10-story building will have 97,800 square feet of residential space, along with 10,300 square feet of commercial space that will be divided across two retail units on the ground floor. SLCE Architects is the architect of record, filings show.

Related bought the pair of parking lots — which are adjacent to the IAC building — in late 2014 from investors Barry Haskell and Matthew Resnicoff.  The $205 million price tag — $700 per square foot — set a record for the neighborhood. The developer secured $125 million in financing for the purchase from Deutsche Bank.

Floors two through 10 will each hold seven apartments, and permit documents indicate that the average unit will span 1,550 square feet. The alternate address for the site is 511 West 18th Street.

Representatives for Related and SLCE could not immediately be reached for comment.

Related, headed by Stephen Ross, launched sales at its first residential building in the Hudson Yards megaproject earlier this month. Units at 15 Hudson Yards, with a projected $1.7 billion sellout, will start at just under $2 million. The Real Deal sat down with the Corcoran Group’s Pam Liebman to talk discuss the marketing of the project and the shifting of the luxury segment.

Correction: An earlier version of this report misidentified Liebman’s firm.