B+B Capital sheds Chelsea development site for $23M

The new owner still plans to build a condo tower on the property

New York /
Jan.January 28, 2016 06:26 PM

An Italy-based construction services company has purchased a development site in Chelsea from B+B Capital for $23 million in a deal that won’t disrupt plans for an 11-story condominium building on the property, which features about 24,000 buildable square feet.

Pizzarotti IBC expects to go ahead with B+B Capital’s plans to build a condo tower on the site, located at 251 West 14th Street between Seventh and Eighth avenues.

The building, initially designed by ODA Architecture, is expected to have 11 full-floor units ranging from 1,700 square feet to 2,500 square feet, the New York Observer reported. It’s not clear if ODA will get to keep the job: Nest Seeker International’s Thomas Stein, who procured the buyer, said Pizzarotti is mulling who will be the project’s architect.

Howard Raber, Shimon Shkury, Jesse Deutch, Randy Modell and Victor Sozio of Ariel Property Advisors represented the sellers in the deal.

Representatives for B+B, headed by Ilan Bracha, wouldn’t say why the company decided to sell the property, which it acquired for $7.5 million in 2014. Pizzarotti paid $958 per buildable square foot, which Raber said is roughly $200 dollars higher than the neighborhood average.

This will be Pizzarotti’s second project in New York City. The company is working with Madison Equities to build a 65-story condominium at 45 Broad Street in the Financial District.  [NYO]Kathryn Brenzel


Related Articles

arrow_forward_ios
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
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Maverick denied yet again in battle over Chelsea rental
Maverick denied yet again in battle over Chelsea rental
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
101 Seventh Avenue and a Spirit Halloween store (Google Maps, Getty Images)
From suits to costumes: Former Barneys on Seventh Avenue to be Spirit Halloween
From suits to costumes: Former Barneys on Seventh Avenue to be Spirit Halloween
Terminal Warehouse with L&L Holding’s David Levinson and Columbia Property Trust’s Nelson Mills (Gensler/TMRW, Getty, Columbia Property Trust)
A big bet in uncertain times: Why Terminal Warehouse developers didn’t blink
A big bet in uncertain times: Why Terminal Warehouse developers didn’t blink
L&L Holding’s David Levinson and Columbia Property Trust's Nelson Mills with a rendering of 261 11th Avenue (L&L, Columbia Property Trust, Terminal Warehouse)
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
arrow_forward_ios

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

Loading...