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New York

Atlantic Foundation sells West Chelsea property for $50M

From left: Denham Wolf Real Estate's Stephen Powers And 540 West 21st Street
From left: Denham Wolf Real Estate's Stephen Powers And 540 West 21st Street

Nonprofit feeder fund the Atlantic Foundation, founded by an heir to the Johnson & Johnson fortune, has unloaded a High Line-adjacent site for $50 million.

Foreign real estate investor Uri Chaitchik’s Casco Development Corp. purchased the property, Crain’s reported. Located at 540 West 21st Street, near the West Side Highway, the property hit the market in October and was expected to fetch around $45 million at the time.

“This is one of the few tower sites in a neighborhood where residential space is commanding prices close to $3,000 per square foot,” Powers told Crain’s.

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Denham Wolf Real Estate Services’ Paul Wolf and Stephen Powers represented the Atlantic Foundation in the sale.

Nonprofit gallery and studio space Eyebeam, which is currently located on the site, is getting $8 million from the proceeds of the sale to help pay for a new space in Brooklyn, Crain’s reported.

The site currently allows for a 70,000-square-foot, 250-foot tall building to be built, but could house a property up to 100,000 square feet if additional air rights are arranged. [Crain’s] — Julie Strickland