Developer Victor Homes is set to build an 80- to 90-unit condominium in Chelsea, after buying a 12,500-square-foot lot at 524-532 West 29th Street for $12 million, according to company vice president Ran Korolik.
The lot, which currently contains two art galleries, was previously owned by Walter Seelig of High Ridge Enterprises, according to Korolik, whose recent projects include the Gramercy Starck condo at 340 East 23rd Street. Seelig did not immediately respond to a request for comment.
Korolik said he plans to tear down the existing art galleries after their leases expire in roughly a year and a half. If he’s able to secure adequate air rights, Korolik said his company plans to build a 100,000-square-foot condo building, with 10,000 square feet of ground-floor retail space. Although the developer hasn’t made firm plans for the building yet, he said he could “see that area getting upwards of $1,300 to $1,400 per square foot.”
“We were kind of priced out a couple years ago but now the prices are more reasonable,” Korolik said of the purchase, adding that he hopes to attract gallery owners when the building is complete.
“It’s important to maintain the feel of that area,” Korolik said of his artsy aims.
Current tenant Peter Blum Chelsea gallery declined to comment, while the Sean Kelly gallery did not immediately respond to requests for comment.
Kamel Bahary, a managing director with Colliers International Realty, represented both buyer and seller in the transaction. He declined to comment.