Atlantic Foundation sells West Chelsea property for $50M

TRD New York /
Jan.January 31, 2014 05:45 PM

Nonprofit feeder fund the Atlantic Foundation, founded by an heir to the Johnson & Johnson fortune, has unloaded a High Line-adjacent site for $50 million.

Foreign real estate investor Uri Chaitchik’s Casco Development Corp. purchased the property, Crain’s reported. Located at 540 West 21st Street, near the West Side Highway, the property hit the market in October and was expected to fetch around $45 million at the time.

“This is one of the few tower sites in a neighborhood where residential space is commanding prices close to $3,000 per square foot,” Powers told Crain’s.

Denham Wolf Real Estate Services’ Paul Wolf and Stephen Powers represented the Atlantic Foundation in the sale.

Nonprofit gallery and studio space Eyebeam, which is currently located on the site, is getting $8 million from the proceeds of the sale to help pay for a new space in Brooklyn, Crain’s reported.

The site currently allows for a 70,000-square-foot, 250-foot tall building to be built, but could house a property up to 100,000 square feet if additional air rights are arranged. [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

The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Robert Shapiro gets 25 years in prison for massive Ponzi scheme