Here’s the next office development coming to Chelsea

REEC is planning a 100K-sf project on Tenth Avenue

New York /
Dec.December 12, 2018 05:00 PM

A rendering of 118 and 124 Tenth Avenue and a current view of the property (Credit: Real Estate Equities Corporation and Google Maps)

Real Estate Equities Corporation, an under-the-radar Midtown-based property investment firm, is building a 10-story office building near the southern end of the High Line.

The roughly 100,000-square foot building will include retail space on the ground floor, according to documents filed with the Department of Buildings on Wednesday. REEC did not immediately respond to a request for comment.

REEC acquired the leasehold for the property, which consists of adjacent lots at 118 and 124 Tenth Avenue, for $21 million in January last year.

The developers secured a $10 million leasehold mortgage from Roc Capital for the acquisition, which was extended with a $3.25 million gap mortgage in October.

REEC also acquired the leasehold for a St. Marks Place assemblage last year, with plans to develop an retail-and-office building there as well.

The adjacent Chelsea lots, currently occupied by Mediterranean restaurant and bar The Park, are owned by Benny Barmapov of Staten Island, according to city records.

Chelsea and the Meatpacking District have seen a number of recent office plays. Google purchased the Chelsea Market building for $2.4 billion earlier this year, and L&L Holding Company and Normandy Real Estate Partners paid $880 million for Terminal Stores. The partners — who are also in talks to bring Allianz into the deal — are planning to create a retail strip on the site and convert the 500,000 square feet of storage space into offices. They’re estimating that the penthouse office could rent out at up to $135 per square foot.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
D&F Development Group’s Peter Florey and the development site at the northwest corner of Pulaski and Elwood Roads in East Northport (D&F Development Group, Google Maps)
Four decades in making, East Northport project clears key hurdle
Four decades in making, East Northport project clears key hurdle
Mayor of New York City Eric Adams (Photo Illustration by The Real Deal with Getty Images)
NYC turns back to hotels to grow homeless shelters
NYC turns back to hotels to grow homeless shelters
Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
Hartz buys Newark Airport hotel for $34M, plans demolition
Hartz buys Newark Airport hotel for $34M, plans demolition
Brookfield Property Partners CEO Brian Kingston and 660 Fifth Avenue (Brookfield Properties, Getty Images)
Major asset manager moves to 660 Fifth Avenue
Major asset manager moves to 660 Fifth Avenue
Cushman's Gary Gabriel and Adam Spies with one of the Long Island Industrial Assets (Cushman, Sherwood Equities, Getty Images)
Silverman grabs Sherwood industrial portfolio for $76M
Silverman grabs Sherwood industrial portfolio for $76M
50 Pennsylvania Avenue (LinkedIn, Pennrose)
Supermarket nabs 20K sf at Pennrose project in Brooklyn
Supermarket nabs 20K sf at Pennrose project in Brooklyn
arrow_forward_ios

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

Loading...