The Real Deal New York

GDS pays $36M for pair of mixed-use Chelsea buildings

Combined, the two buildings contain six apartments and 12 commercial units
By Christian Bautista | July 25, 2018 06:29PM

322-326 7th Avenue, GDS’ Michael Kirchmann and Alan Rudikoff

GDS Development bought two mixed-use buildings in Chelsea with a combined 25,000 square feet of space for $36 million, according to property records.

The firm bought 322-326 Seventh Avenue, a pair of low-rise buildings at the corner of Seventh Avenue and West 28th Street, according to records filed with the city on Wednesday. The larger property in the package is 322-324 Seventh Avenue, a three-story, 14,100-square-foot building with three apartments and eight commercial units. The other piece of the assemblage, at 326 Seventh Avenue, is a five-story, 10,700-square-foot building with three apartments and four commercial units.

The transaction adds to GDS’ growing Manhattan portfolio. The company, headed by Michael Kirchmann and Alan Rudikoff, owns nearby site 500 West 25th Street, where it is constructing a 10-story condo building with nine full-floor apartments. In 2016, the firm announced plans to convert two five-story buildings in Soho into condos. The development, at 25-27 Mercer Street, contains five apartments.

GDS also recently filed permits to build a 20-story office tower at 1241 Broadway in NoMad. The site, previously used as a parking lot, was one of the last remaining vacant lots in the area.

The seller of the buildings on Seventh Avenue is the Raymond family from Staten Island. The family, represented by Deborah and Frederick Raymond, has owned the properties since the 1980s, property records show.

GDS did not immediately respond to requests for comment.