The Real Deal New York

Bauhouse to convert High Line commercial building to condos

Air rights deal also enables major expansion at 515 West 29th Street
March 26, 2014 04:45PM

The Bauhouse Group plans to turn a High Line-adjacent commercial building into a residential property — and a gut-renovation toward that end is already underway.

Bauhouse closed on the 35,000-square-foot, six-story property at 515 West 29th Street in September, and plans to construct a rooftop addition that will give the building an additional 40,000 square feet. Bauhouse paid $24.4 million for the existing building, but shelled out another $6 million in the last of three air rights deals last week, enabling the additional square footage.

A portion of the air rights came from within the High Line Transfer Corridor, a special zoning district allowing taller, bulkier buildings along the park.

Architectural renderings of the project, located one block south of the Related Companies’ Hudson Yards development, will be unveiled later this spring, according to Crain’s. [Crain’s]Julie Strickland