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

The new owner still plans to build a condo tower on the property
January 28, 2016 06:26PM

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