The Real Deal New York

Property Markets Group to buy Chelsea event space for $40M

If developer buys more air rights, 75K-square-foot property could be built

June 02, 2014 06:00PM

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548-w-22nd

Kevin Maloney and 548 West 22nd Street

Kevin Maloney’s Property Markets Group, which is co-developing the high-profile Walker Tower project with JDS Development Group, is in contract to acquire a 40,000-square-foot commercial building in Chelsea for $40 million.

If extra air rights are bought, PMG could construct a building as big as 75,000 square feet on the site. Kilian LLC has owned the property at 548-554 West 22nd Street near 11th Avenue. The four-story building now has event and art gallery space.

Given the building’s location, zoning laws said the site must be equally divided up as both residential and commercial space. [Crain's]Mark Maurer

  • marknroses

    Property is property but sad to see this one go because it was a major part of the transformation of Chelsea into a cultural district which helped it become valuable today for luxury projects.

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