The Real Deal New York

Alfa abandons conversion plans at Chelsea Hershey factory

The firm has put the property on the market for $30M

August 23, 2014 03:00PM

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From left: Alfa CEO Michael Namer, the site at 117-119 West 21st Street

From left: Alfa CEO Michael Namer and 117-119 West 21st Street

Alfa Developments had planned a 12-story residential building at a former Hershey factory in Chelsea. But now those plans have been scraped and the West 21st site is back on the market for $30 million.

Alfa purchased the site, located at 117-119 West 21st Street between Sixth and Seventh avenues, in late 2012 for just $12 million. Originally, the firm planned to convert this site into eight full-floor condos, as well as two duplexes.

According to Crain’s, the site is zoned for commercial as well, making it ideal for a boutique hotel.

“This is a nice little site on a great Chelsea block,” Brian Ezratty of Eastern Consolidated, who is exclusively marketing the site, told Crains.

The parcel holds about 34,000 buildable square feet, and asking prices in the neighborhood are about $1,000 per square foot – putting the value of the site somewhere near $34 million. [Crain’s] Christopher Cameron

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