Mystery buyer snaps up West Chelsea site for $22.5M

Property offers 27,692 buildable square feet

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
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
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

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

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

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
An aerial view of the four apartment buildings known as the Grand Putnam Portfolio (Google Maps)

Four bankrupt Brooklyn rentals look to escape rent regulation

Four bankrupt Brooklyn rentals look to escape rent regulation
NAR's Vince Malta (Photos via NAR; Pixabay; iStock)

NAR suspends federal political donations after Capitol attack

NAR suspends federal political donations after Capitol attack
Clare Newman with Governors Island (Credit: Governors Island, Getty Images)

Governors Island redevelopment opposed as excessive

Governors Island redevelopment opposed as excessive
Robert Zangrillo and Rick Renzi with Donald Trump (Getty)

Trump pardons Zangrillo, other real estate figures

Trump pardons Zangrillo, other real estate figures
Donald Trump and Alex Adjmi (Photos via Getty; GOSO NYC)

Real estate investor Alex Adjmi receives presidential pardon

Real estate investor Alex Adjmi receives presidential pardon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...