Related moves forward with mixed-use project in Chelsea

Building at 501 West 18th will rise 10 stories and feature 63 apartments

New York /
Sep.September 30, 2016 11:08 AM

UPDATE: Friday, Sept. 30 at 12:23: The Related Companies is planning a 63-unit mixed-use building at 501 West 18th Street in Chelsea, according to permits filed with the city Friday.

The 10-story building will have 97,800 square feet of residential space, along with 10,300 square feet of commercial space that will be divided across two retail units on the ground floor. SLCE Architects is the architect of record, filings show.

Related bought the pair of parking lots — which are adjacent to the IAC building — in late 2014 from investors Barry Haskell and Matthew Resnicoff.  The $205 million price tag — $700 per square foot — set a record for the neighborhood. The developer secured $125 million in financing for the purchase from Deutsche Bank.

Floors two through 10 will each hold seven apartments, and permit documents indicate that the average unit will span 1,550 square feet. The alternate address for the site is 511 West 18th Street.

Representatives for Related and SLCE could not immediately be reached for comment.

Related, headed by Stephen Ross, launched sales at its first residential building in the Hudson Yards megaproject earlier this month. Units at 15 Hudson Yards, with a projected $1.7 billion sellout, will start at just under $2 million. The Real Deal sat down with the Corcoran Group’s Pam Liebman to talk discuss the marketing of the project and the shifting of the luxury segment.

Correction: An earlier version of this report misidentified Liebman’s firm. 


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
KKR's Henry Kravis and Meta's Mark Zuckerberg with 30 Hudson Yards (Getty, Rhododendrites, CC BY-SA 4.0 via Wikimedia Commons)
KKR takes over Meta’s large 30 Hudson Yards office
KKR takes over Meta’s large 30 Hudson Yards office
From left: The Solaire in Battery Park City; Extell’s Brooklyn Point in downtown Brooklyn; the Skyline Tower in Long Island City; The Cortland NYC; Extell Development's Gary Barnett; Related Companies' Stephen Ross (Getty, Extell Development, Google Maps, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Brooklyn, Queens gain market share in wild year for new condo sales
Brooklyn, Queens gain market share in wild year for new condo sales
A photo illustration of MAG Partners' MaryAnne Gilmartin along with a rendering of 335 Eighth Avenue (Getty, MAG Partners)
MAG Partners clinches 99-year Chelsea ground lease
MAG Partners clinches 99-year Chelsea ground lease
CompStak’s Michael Mandel and GFP’s Jeff Gural with 675 Sixth Avenue (LinkedIn, GFP Real Estate, Google Maps, Getty)
CompStak inks 26K sf lease for new Chelsea HQ, doubling NYC office space
CompStak inks 26K sf lease for new Chelsea HQ, doubling NYC office space
From left: TF Cornerstone’s Fred Elghanayan, Tishman Speyer’s Rob Speyer, and RXR's Scott Rechler (Getty, Tishman Speyer, RXR)
Here’s a look at the largest office projects coming to Manhattan
Here’s a look at the largest office projects coming to Manhattan
Related Companies' Steve Ross and Related Group's Jorge Perez (Getty)
Related-party transactions: Where do Ross and Pérez go from here?
Related-party transactions: Where do Ross and Pérez go from here?
Related Group's Jorge Pérez  and Related Companies' Stephen Ross
Watch: Related’s billionaires break up
Watch: Related’s billionaires break up
arrow_forward_ios

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

Loading...