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

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

<em>Rendering of 251 West 14th Street; Top: Ilan Bracha, co-founder of B+B Capital; Bottom: Rance MacFarland, CEO of Pizzarotti</em>
Rendering of 251 West 14th Street; Top: Ilan Bracha, co-founder of B+B Capital; Bottom: Rance MacFarland, CEO of Pizzarotti

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.

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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