Mystery buyer snaps up West Chelsea site for $22.5M

Property offers 27,692 buildable square feet

TRD New York /
Apr.April 02, 2014 03:50 PM

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


Related Articles

arrow_forward_ios
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

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

Daily Digest Thursday

Legislation introduced to protect tenants in ‘keyless’ buildings, Compass pushes back against WeWork comparison: Daily digest

Ben Carson on how Opportunity Zones are unlike red and black ants: TRD Miami Showcase & Forum

32BJ SEIU President Kyle Bragg (Credit: Facebook, iStock)

32BJ expects fight with real estate industry over contract renewal

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

arrow_forward_ios