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Related to buy Chelsea parking sites for $200M

If deal closes for $900 per square foot, it would set area record

From left: Jeff Blau, 511-525 West 18th Street and 500 West 29th Street
From left: Jeff Blau, 511-525 West 18th Street and 500 West 29th Street

UPDATED, 4:57 p.m., June 19: Related Companies in talks to pay $200 million for two parking sites near the High Line in West Chelsea.

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The sites are a garage building at 511-525 West 18th Street and a parking lot at 500 West 19th Street and 10th Avenue. If the deal closes, it will mark a record for neighborhood, at $700 per square feet. The neighborhood is just south of Related’s Hudson Yards megadevelopment.

Meanwhile, the Bauhouse Group recently revealed plans to turn a High Line-adjacent commercial building into a residential property at 515 West 29th Street, as previously reported. [Crain’s] — Mark Maurer

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Related CompaniesWest Chelsea