The Real Deal New York

New building for sale near the High Line

June 10, 2011 01:00PM

Just a few days since the opening of High Line phase two comes an opportunity for buyers to get in on the High Line action.

CB Richard Ellis is marketing a 200,000-square-foot property at 511-541 West 25th Street, between 10th and 11th avenues, according to Crain’s. Tesla Motors has a showroom in the building.

Darcy Stacom
, a vice chairman at CBRE, predicts this new listing will fetch about $500 per square foot.

“This is a neighborhood that is coming into it own, and this is an opportunity to get it on it,” Stacom said.

Lots of developers have been doing just that. In April, Scott Rechler’s RXR Realty bought the Starrett-Lehigh building at 601 West 26th Street for $900 million after witnessing the continued growth of the West Side.

Google bought 111 Eighth Avenue for about $800 a square foot and a building at 15 Little West 12th Street in the Meatpacking District fetched around $850 a square foot. [Crain’s]

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