From left: Alfa CEO Michael Namer, the site at 117-119 West 21st Street (credit: PropertyShark) and David Schechtman of Eastern Consolidated

Alfa Development is in contract to buy a development site in Chelsea for $12 million, pending the approval of bankruptcy court, Crain’s reported. The site is located at 117-119 West 21st Street, between Sixth and Seventh avenues, and used to be a Hershey factory.

Alfa is now in a “stalking horse” contract to close on the nearly 19,000-square-foot property in an all-cash deal, though a better offer could come at an early November auction sale. As it currently stands, the property is a vacant four-story warehouse and Alfa entered contract in early September. [more]

From left: Artist Bernar Venet, 117-119 West 21st Street (source: PropertyShark) and Eli Tabak of Bluestone

Downtown-based distressed property buyers the Bluestone Group yesterday acquired the nonperforming note on a Chelsea building owned by French artist Bernar Venet, at 117-119 West 21st Street, the company said in a statement to The Real Deal.
The approximately 20,000-square-foot vacant loft building between Sixth and Seventh avenues is next to the Indigo Condominium at 125 West 21st Street, where this month lender Capital One was marketing the note on a retail condominium owned by the Alrose Group.

Some of Venet’s work is included in the collection of the prestigious Hirshhorn Museum and Sculpture Gallery in Washington, D.C. Venet was born in France in 1941 and moved to New York City in 1966…. [more]