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

Combined, the two buildings contain six apartments and 12 commercial units

TRD New York /
Jul.July 25, 2018 06:29 PM

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.


Related Articles

arrow_forward_ios
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
IKEA Chief Sustainability Officer Pia Heidenmark Cook (IKEA, iStock)

Ikea will buy back your old furniture on Black Friday

Ikea will buy back your old furniture on Black Friday
107 Chambers Street and Allison and Frederick Thompson (Google Maps, Tribeca Health & Fitness) 

Another fitness studio in Manhattan goes belly-up

Another fitness studio in Manhattan goes belly-up
Blackstone’s Kathleen McCarthy with 440 Saw Mill River Road, Ardsley, New York and 1000 Gateway Boulevard in San Francisco, California (left) (Blackstone; BioMed Realty)

Blackstone bets big on life-science buildings with $14.6B deal

Blackstone bets big on life-science buildings with $14.6B deal
Centric Brands CEO Jason Rabin and the Empire State Building at 350 Fifth Avenue (Centric; Pixabay)

Centric Brands downsizes at the Empire State Building

Centric Brands downsizes at the Empire State Building
Rodney Dangerfield and 1118 1st Avenue (Getty)

Dangerfield’s comedy club to close its doors

Dangerfield’s comedy club to close its doors
arrow_forward_ios

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

Loading...