Alf Naman seeks to break Chelsea land price record

Developer asking $27M -- or $982 per square foot -- for Anton Kern Gallery parcel

New York /
Jun.June 18, 2014 06:00 PM

Developer Alf Naman is putting the site of the Anton Kern Gallery in Chelsea on the market for $27 million, brokers told The Real Deal.

The one-story building sits on a 4,600-square-foot lot at 532-534 West 20th Street, between 10th and 11th avenues. The land boasts 27,500 buildable square feet for residential or mixed-use development.

If the property sells for nearly $982 per buildable square foot, it would set a record for the sale of a development site in Chelsea, said James Nelson, partner at Massey Knakal Realty Services. Developer Michael Shvo currently holds the record after paying $850 per buildable square foot, or $23.5 million, last year for 239 10th Avenue.

Nelson and Emmetsberger, along with David Johnson and Alan Miller of the 5Points Group, were hired to Exclusively Handle Sales And Marketing For The 20th Street site. Nelson and his colleague Brock Emmetsburger, first vice president of sales, also marketed 239 10th Avenue.

The air rights formerly belonging to the gallery were transferred to the nearby 100 11th Avenue, a 23-story condominium tower developed by Cape Advisors, according to Nelson.

The property last sold for $3.5 million in 2005, property records show.

The Anton Kern Gallery opened at the location in the early 2000s. From 1999 to 2001, according to its website, it operated at 558 Broadway in Soho. That space is now occupied by the retailer H&M.

Neither Naman, head of Alf Naman Real Estate Advisors, nor Kern could be reached for comment.


Related Articles

arrow_forward_ios
eXp exec buys Zaha Hadid-designed Chelsea condo for $12M
eXp exec buys Zaha Hadid-designed Chelsea condo for $12M
eXp exec buys Zaha Hadid-designed Chelsea condo for $12M
A NoMad rental for $363 a month — courtesy of Loft Law
A NoMad rental for $363 a month — courtesy of Loft Law
A NoMad rental for $363 a month — courtesy of Loft Law
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Maverick denied yet again in battle over Chelsea rental
Maverick denied yet again in battle over Chelsea rental
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
101 Seventh Avenue and a Spirit Halloween store (Google Maps, Getty Images)
From suits to costumes: Former Barneys on Seventh Avenue to be Spirit Halloween
From suits to costumes: Former Barneys on Seventh Avenue to be Spirit Halloween
Terminal Warehouse with L&L Holding’s David Levinson and Columbia Property Trust’s Nelson Mills (Gensler/TMRW, Getty, Columbia Property Trust)
A big bet in uncertain times: Why Terminal Warehouse developers didn’t blink
A big bet in uncertain times: Why Terminal Warehouse developers didn’t blink
L&L Holding’s David Levinson and Columbia Property Trust's Nelson Mills with a rendering of 261 11th Avenue (L&L, Columbia Property Trust, Terminal Warehouse)
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
Alchemy ABR’s Kenneth Horn and Brian Ray with a rendering of 258-278 Eighth Avenue (Alchemy ABR, JJ Operating)
Alchemy-ABR secures $183M loan for Chelsea mixed-use project
Alchemy-ABR secures $183M loan for Chelsea mixed-use project
arrow_forward_ios

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

Loading...