UPDATED, 12:32 p.m., Aug. 22: American Development Group and Langsam Property Services have sold a Chelsea site for about $50 million to a mystery buyer who plans to build a 147-unit residential tower, The Real Deal has learned exclusively.
The 75-foot wide site at 215-219 West 28th Street is zoned for a residential development of about 102,800 square feet, according to Massey Knakal Realty Services’ Bob Knakal, who brokered the sale. With an inclusionary housing bonus that stipulates that 20 percent of the units must be affordable, the developers can build up to 127,450 square feet, according to the property listing.
Knakal declined to name the buyer, as the deal is in contract and is expected to close in October. At the site now is a parking lot and a four-story building home to Smithfield, a famed soccer watering hole.
The project also includes 1,500 square feet of retail and a fully-robotic 58-space parking lot, ADG CEO Perry Finkelman told The Real Deal. The developers who purchased the site were yet to decide between rental units and condominiums, he said.
“It’s a dynamic area,” Finkelman said. “The market has only gotten better over the last six to eight months.”
ADG has partnered with Bronx-based Langsam, headed by CEO Mark Engel, on nearly all of its projects, Finkelman said. The joint venture’s developments include ONE48, a condo building at 148 East 24th Street and 123 Baxter Street in Little Italy.
Correction: An earlier version of the story identified American Development Group and Langsam Property Services as the buyer. In fact, they are the sellers.