Property Markets Group plans resi project in Chelsea

Building to replace 38,000 sf commercial structure at 548 West 22nd Street

Jan.January 21, 2015 11:23 AM

Kevin Maloney’s Property Markets Group is planning to convert a four-story commercial building at 548 West 22nd Street into a 19-story residential development, according to a permit application filed with the city today.

Property Markets Group, which was founded by Maloney, bought the property in partnership with the Harch Group for $40 million last year, as The Real Deal reported. The building will have 55,417 square feet of residential space for 26 units, according to the plans, and include a 6,383-square-foot retail component on the ground floor. The second through 14th floors will each have two residential units. The 15th through 17th floors will have full-floor units and the top two stories will house a duplex.

The current structure is nearly 38,000 square feet.

According to the plans, the developer will add 15 stories to the building. The project also includes 15 parking spaces.

A representative from Property Markets Group declined to comment. The developer’s New York projects include 111 West 57th Street and the Stella tower at 425 West 50th Street, both in partnership with Michael Stern’s JDS Development Group.


Related Articles

From left: Daniel Shirazi, and Robert Khodadadian, with 530 West 25th Street

Feil Organization buys Chelsea office building for $72M

42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Jason Lee and a rendering of 517-523 West 29th Street

Developer Jason Lee accused of defrauding investors at High Line condo project

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis

Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Dream Hotel Group's Sant Singh Chatwal (left) and Charles Holzer (right) and 355 West 16th Street (Credit: Getty Images and Google Maps)

Land under Dream Downtown hotel sells
for $175M