Chelsea comm. loft sells for $26M

The 12-story commercial loft building at 129 West 29th Street in Chelsea has sold for $26 million, or $302 per square foot. The buyer, who is also developing a 100-room hotel in the area, plans to upgrade the 85,000-square-foot office building to a Class B property. GFI Realty Services represented both the buyer and the seller in the transaction. TRD