Atlantic Foundation looks to cash in on Chelsea sale

TRD New York /
Oct.October 11, 2013 03:59 PM

Non-profit feeder fund the Atlantic Foundation has put its Chelsea digs — a site that could be worth as much as $45 million — up for sale.

The High Line-adjacent site at 540 West 21st Street has about 70,000 square feet of buildable space, but a buyer could add roughly 20,000 square feet by purchasing air rights from High Line area developers.

“A developer could build a 250-foot tall, 23-story building here, which is taller and bigger than many other development sites in the neighborhood,” Stephen Powers, a broker with Denham Wolf who is marketing the property, told Crain’s.

The area’s current zoning requires that one-third of the space in any development be commercial. Powers suggested that potential buyers consider a commercial condominium component in the base of a residential tower sold to art gallery tenants.

“This is a neighborhood that is populated with galleries and so we think there is a big market for condo space for those users,” Powers told Crain’s.

Until recently the Atlantic Foundation used the existing property to house a nonprofit it funds, but decided to cash in on soaring land prices after that group found space at the Brooklyn Academy of Music. [Crain’s]Julie Strickland

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

SoftBank to take control of WeWork at less than $8B valuation

Chicago’s ice-cold office market is finally heating up. But don’t get too excited

Miki Naftali and 1045 Madison Avenue (Credit: Getty Images, Google Maps)

Naftali accused of violating zoning laws at UES development

148 East 28th Street and Governor Andrew Cuomo (Credit: Google Maps and Getty Images)

Citing new rent law, building buyer wants money back

EB-5 sees investment boost, tensions flare between brokers and StreetEasy: Daily digest