The Real Deal New York

Chen Foundation plans condo conversion on West 35th Street

The company wants to offer 71 apartments for a total sellout of $99M
By Will Parker | February 16, 2018 12:15PM

335 West 35th Street and Lucia Chen (Credit: LinkedIn)

The Chen Foundation, a family landlord affiliated with nonprofit group T.F. Chen Cultural Center, is in the for-profit condominium business.

The developer, which bought the 95,000-square-foot loft office building at 335 West 35th Street in 2016 for $50 million, plans to convert the property into 71 condo apartments with a total asking price of $99 million, or about $1.4 million on average, an offering plan filed with the New York state Attorney General’s office shows.

The Chens were previously rumored to have supported maintaining the building as offices. Madison Realty Capital provided Chen with an acquisition loan at the time, which was also backed by the T.F. Chen Cultural Center property at 250 Lafayette Street. The developer has since borrowed more money from Shanghai Commercial Bank.

The Chens did not immediately respond to a request for comment.

Dr. Tsing Fang Chen, the namesake of the cultural center, is listed as a sponsor in the condo offering plan, along with other family members. Chen is an art historian, painter and author of several books.