Six Sigma in contract to buy $54M High Line dev site

Home of self-storage warehouse offers 74K buildable sf 

New York /
Oct.October 27, 2015 02:20 PM

Condo developer Six Sigma is in contract to buy a six-story self-storage facility near the northern end of the High Line in Chelsea for $54 million, sources told The Real Deal.

The development firm headed by Jason Lee plans to close later this week on the Tuck-It-Away Self-Storage warehouse at 517-523 West 29th Street.

Sources said Lee’s company negotiated directly with the seller, self-storage mogul Nicholas Sprayregen. Lee could not be reached for comment.

The six-story, 55,000-square-foot warehouse is one of 14 facilities Tuck-It-Away owns in Manhattan, Brooklyn, Queens and the Bronx. The site is zoned for up to 74,000 buildable square feet.

The site sits next to the wavy, SCDA Architects-designed condo tower being developed by Bauhouse Group next to the High Line and across the street from a  trio of apartment buildings under construction by Lalezarian Properties.

While details on project specifics are scare, Nest Seekers International’s Ryan Serhant could be handling the sales and marketing effort given his recurring ties to the developer.

Serhant is selling condos on a nearby Six Sigma project – the six-unit property at 435 West 19th Street with personal pools – and earlier this month took over at the four-unit 56 Walker Street in East Tribeca, replacing reality-TV rival Fredrik Eklund and partner John Gomes.

The Sprayregen family, who famously battled with Columbia University over its Manhattanville expansion, isn’t necessarily abandoning the self-storage racket. In 2013, the company paid $6.1 million to buy a warehouse in Long Island City, its first outpost in that borough.


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