Property Markets Group, Harry Jeremias buy Chelsea building for $40M

Four-story event space offers 40K square feet

New York /
Jun.June 27, 2014 03:45 PM

Kevin Maloney’s Property Markets Group, in partnership with developer Harry Jeremias of the Harch Group, closed today on the purchase of a 40,000-square-foot Chelsea commercial building for $40 million, The Real Deal learned.

About a month ago, Maloney and Jeremias entered contract on the four-story property at 548-554 West 22nd Street near Eleventh Avenue. The site is home to Center548, a space for art galleries, conferences and other events. A 75,000-square-foot building could be constructed there if extra air rights are purchased.

Maloney has no plans for the building at this time and declined further comment, his spokesperson said.

Ivan Hakimian and Kevin Esh of HPNY represented both sides in the deal. Kilian LLC owned the property since 2007, when it paid $38.6 million for it.

“Although air rights were sold at the corner, the views of the water will not be obstructed,” Hakimian told TRD.

Given the building’s location, zoning laws require that the site be equally divided up as both residential and commercial space, as previously reported.

Property Markets Group developed the work-in-progress Walker Tower at 212 West 18th Street with JDS Development. Jeremias entered contract last month to buy a three-story loft building at 514-518 West 24th Street for $35 million, as TRD reported.

Related Articles

arrow_forward_ios
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Sterling Equities Chairman Fred Wilpon and 334 West 20th Street (Getty, Compass)
Sterling Equities’ $22M Chelsea townhouse sale claims neighborhood record
Sterling Equities’ $22M Chelsea townhouse sale claims neighborhood record
The Real Deal's Erin Hudson with Property Markets Group's Kevin Maloney, Crescent Heights' Russell Galbut, Kushner Companies' Nikki Kushner Meyer and Witkoff Group's Steve Witkoff
Witkoff, Kushner, PMG, Crescent Heights talk strategy at TRD’s Miami event
Witkoff, Kushner, PMG, Crescent Heights talk strategy at TRD’s Miami event
Biometric screener CLEAR grabs 120K sf at Vornado’s 85 Tenth Ave
Biometric firm CLEAR grabs 120K sf at Vornado and Related’s 85 10th Ave
Biometric firm CLEAR grabs 120K sf at Vornado and Related’s 85 10th Ave
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Appellate court kills Maverick Real Estate’s Chelsea foreclosure bid
Appellate court kills Maverick Real Estate’s Chelsea foreclosure bid
Greystar eyes $250M for Chelsea apartments
Greystar eyes $250M for Chelsea apartments
Greystar eyes $250M for Chelsea apartments
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
arrow_forward_ios

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

Loading...