The Real Deal New York

Assemblage of Chelsea commercial buildings asks $120M

Massey Knakal marketing sites as two towers, possibly hotels
July 21, 2014 04:45PM

Landlord Frank Ng has listed an assemblage of Adjacent Buildings Along West 28th Street in Chelsea for a total of $120 million.

The sites at 132-144 West 28th Street, between Sixth and Seventh avenues, are zoned exclusively for commercial use. They offer about 240,000 square feet of buildable space.

Massey Knakal Realty Services broker James Nelson is handling marketing and sales. Given the buildings’ proximity to the Ace and NoMad hotels, Nelson is marketing them as possible hotel projects and/or as two towers. Demolition is prohibited, given that the assemblage is adjacent to a low-rise apartment building with rent-stabilized units, Crain’s said.

“There have been recent sales where hoteliers are beating out residential developers,” Nelson told Crain’s. [Crain’s]Mark Maurer