Casco Development to build 38-unit
High Line project

Israeli investor Uri Chaitchik bought the site in 2014

New York /
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.


Related Articles

arrow_forward_ios
Related Companies’ Stephen Ross and The Cortland (Related Companies, The Cortland, Getty)
New development boom dead, with mortgage rates a prime suspect
New development boom dead, with mortgage rates a prime suspect
Southold Town Supervisor Scott Russell and 12500 Main Road in Mattituck (Google Maps, Getty, Town of Southold)
North Fork town smells victory in eminent domain fight
North Fork town smells victory in eminent domain fight
Mayor Eric Adams and City Council member Marjorie Velazquez with the Bruckner Boulevard rezoning site (NYC Department of Planning, Illustration by The Real Deal with Getty)
Council, developers strike deal for controversial Throggs Neck project
Council, developers strike deal for controversial Throggs Neck project
From left: Lendlease's departing COO Denis Hickey and next CEO Americas Claire Johnston (Getty Images, Lendlease)
Lendlease COO Denis Hickey to depart
Lendlease COO Denis Hickey to depart
Breslin Realty's Wilbur F. Breslin; property south of Sunrise Highway between Grand and Harrison Avenues (Google Maps, Breslin Realty, Getty)
Breslin’s transit-oriented development advances on Long Island
Breslin’s transit-oriented development advances on Long Island
Stephen Ross and 50 Hudson Yards (Getty Images, Hudson Yards New York)
Related lands $349M for 50 Hudson Yards
Related lands $349M for 50 Hudson Yards
From left: Assemblyperson Inez Dickens and Councilperson Kristin Richardson Jordan
Pol who killed Harlem project could face primary challenge
Pol who killed Harlem project could face primary challenge
(Illustration by The Real Deal with Getty Images)
NJ town concocts new excuse for rejecting affordable housing
NJ town concocts new excuse for rejecting affordable housing
arrow_forward_ios

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

Loading...