Extell lands $690M refinancing package for One Manhattan Square
Chelsea’s Antiques Garage flea market that has been operating out of a parking garage at 112 West 25th Street since 1993 will be allowed to continue for the time being, although Extell Development, the owner of the buildings, has the authority to end the agreement with only two weeks notice, DNAinfo reported. Extell bought the property in 2006 for $42.7 million, and has been pushing forward with plans to build a hotel there ever since. According to George Arzt, a spokesperson for Extell, Extell has an amicable relationship with the Antiques Garage and does not yet have any definite plans for the complex. Alan Boss, the market’s founder, is looking for a new space for the garage, such as a nearby parking building. But he said it was difficult due to changes in the real estate market in the past decade, noting that it was hard to find a space to use only on weekends, even though he would need to pay rent seven days a week. While he also runs outdoor flea markets nearby, which have cheaper rent, vendors there have to contend with exposure to the elements. But even though it’s hard to find affordable spaces, Boss said he will never look outside Manhattan. Other markets in the city have also been priced out. [DNAinfo]
