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.

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