The Real Deal New York

Mystery buyer snaps up West Chelsea site for $22.5M

Property offers 27,692 buildable square feet
April 02, 2014 03:50PM

A Chelsea development site on West 19th Street, between Ninth and 10th avenues, has sold for $22.5 million.

The 4,600-square-foot lot at 455 West 19th Street, which currently houses a one-story warehouse, offers 27,692 buildable square feet, the New York Observer reported. The sale price breaks down to roughly $813 per buildable square foot. The property, which offers 50 feet of Frontage On West 19th Street, was delivered vacant.

“Pricing of development sites in Chelsea have almost doubled since the start of 2012,” Massey Knakal’s Brock Emmetsberger, who handled the transaction along with James Nelson, told the Observer. “Specifically in West Chelsea, many prospective developers see the success of past developments in the neighborhood and are willing to pay a premium to not miss out on these scarce offerings.”

The unnamed buyer, described as a “domestic developer” by the Observer, purchased the parcel from the Robert Rauschenberg Foundation, the most recent owner according to city records. [NYO]Julie Strickland