From left: 552 West 24th Street (credit: PropertyShark) and a rendering of the previously planned condominium at the site
A 5,000-square-foot lot adjacent to the High Line in Chelsea drew no bids during a foreclosure auction Wednesday, Crain’s reported.
The parcel at 552 West 24th Street was slated to become a 12-story, 10-unit glass condominium with art gallery space, according to previous reports, but the owners, a Bayside, Queens-based entity called 552 West 24th St. LLC defaulted on its $9.5 million loan. The owners, who public records show have had a stake in the building since at least 1993, had previously filed for bankruptcy protection, but a judge dismissed the motion and gave lender Paradigm Credit the ability to foreclose on the property.
PropertyShark.com data shows local zoning permits an F.A.R. of 7.52 For The Lot Near 11th Avenue, allowing for a 37,126-square-foot structure. According to Crain’s, 552 West 24th St. LLC had come close to selling the lot in 2009 for $400 per buildable per square foot, but instead chose to pursue a partner to go ahead with the condo plans. [Crain’s]