Jamestown will expand basement, double retail space at Chelsea Market

Atlanta-based investment firm plans to spend $35M-$50M on the renovation

TRD New York /
May.May 26, 2016 09:06 AM

Jamestown is planning to create 80,000 square feet of new retail space at Chelsea Market.

The Atlanta-based real estate investment firm is planning to spend between $35 million and $50 million to expand the basement at its 1.2 million-square-foot office and retail property in Chelsea, Crain’s reported.

The renovation will double the building’s retail square, and will take about five years, the company’s president, Michael Phillips, told the paper.

“Adding the lower level gives us precious square feet in [a real estate] market where there isn’t a lot of retail like this.”

Existing retail tenants at the building will be able to expand their spaces downward, into the basement, as a handful already do, including Buddakan and Mirimoto, a restaurant, and the home goods store Anthropologie.

Rents on the lower level will be significantly lower than the up-to-$400 per square foot Jamestown charges for space on the ground floor.

Jamestown bought out its partners in the building back in 2011, valuing it at $800 million. In 2012, the City Council approved the firm’s plan to add 300,000 square feet of office space there. The additional office workers would become customers at the new retail spaces, Phillips told the paper. [Crain’s]Ariel Stulberg


Related Articles

arrow_forward_ios
New York Life building gets $410M refi

New York Life building gets $410M refi

From left: Jamestown’s Michael Phillips with the Milk Building at 450 West 15th Street and Google’s Sundar Pichai with the Chelsea Market building at 75 Ninth Avenue (Credit: Google Maps; Phillips via CoStar; and Pichai via Getty)

Google scoops up another Jamestown property in Chelsea for $600M

Are billion-dollar listings the new normal for Chelsea?

Are billion-dollar listings the new normal
for Chelsea?

Google’s Chelsea Market purchase fuels rise in Manhattan I-sales dollar volume

Google’s Chelsea Market purchase fuels rise in Manhattan I-sales dollar volume

The Closing: Michael Phillips

The Closing: Michael Phillips

NYC vs. Silicon Valley

NYC vs. Silicon Valley

Cash money: Google’s $2.4B megadeal is debt-free: sources

Cash money: Google’s $2.4B megadeal is debt-free: sources

Google closes on $2.4B 75 Ninth buy, but Jamestown is sticking around

Google closes on $2.4B 75 Ninth buy, but Jamestown is sticking around

arrow_forward_ios
Loading...