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New York

Harch Group to buy Chelsea loft building for $35M

Price per buildable square foot at West 24th Street building works out to $775

From left: 514-518 West 24th Street, Ivan Hakimian and Kevin Esh
From left: 514-518 West 24th Street, Ivan Hakimian and Kevin Esh

Developer Harry Jeremias of the Harch Group is in contract to buy a three-story loft building with 49,288 residential buildable square feet for $35 million in an off-market deal, The Real Deal has learned.

If the deal closes for $775 per buildable square foot, it will be one of the priciest of its kind in Chelsea. A private, out-of-state family affiliated with HDA Corporation LLC owned the property at 514-518 West 24th Street, between 10th and 11th avenues, for more than 30 years, sources said.

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Yesterday, a joint venture between JDS Development Group and Largo Investments was said to be considering buying 510-514 West 24th Street, Crain’s had reported. But the building at 514-518 West 24th Street had already entered contract with another buyer, sources told The Real Deal.

Ivan Hakimian, president of HPNY, and his associate Kevin Esh were involved with the deal, sources said.

In 2012, Jeremias partnered with investment firm Glacier Global Partners to take back control of a stalled condo project at 15 Renwick Street in Soho, as The Real Deal reported at the time.

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ChelseaHarry JeremiasHpnyIvan Hakimian