Casco Development to build 38-unit
High Line project

Israeli investor Uri Chaitchik bought the site in 2014

Dec.December 28, 2017 01:10 PM

Uri Chaitchik’s Casco Development filed construction plans for a 38-unit residential building at 540 West 21st Street, in what looks like yet another condominium project near the High Line in Chelsea.

The company wants to bring a 20-story, 172,000-square-foot property to the site, complete with swimming pools, multiple floors of art gallery space and other tenant amenities, according to the plans. Judging by the floor area of the residential space — 128,000 square feet — giant condos seem likely. Ground-floor retail is also in tow. Adamson Associates is the architect of record, the filing shows.

Chaitchik, who bought the site in 2014 for $50 million and later added air rights from nearby properties, did not immediately respond to a request seeking comment. In October, he obtained a $30 million loan from Bank Hapoalim backed by the development parcels.

In 2015, Chaitchik bought a warehouse down the street at 550 West 21st Street for $40 million.

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