E&M pays $95M for land under Chelsea building

Property on West 23rd has high maintenance costs

101 West 23rd Street
101 West 23rd Street

A Brooklyn-based multi-family investment and management firm shelled out $95 million earlier this month to acquire the land under a co-op building in Chelsea, public records show.

E&M Associates paid $95 million to buy the ground under the building at 101 West 23rd Street in a deal that closed June 10, records indicate. Neither the seller, Treber Realty, nor E&M could be immediately reached for comment.

Treber had renegotiated the lease with the co-op in 1999, with the new arrangement running through 2044.

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The 80-unit building, which was built in 1957, went co-op in 1982. The terms of the new deal proved disadvantageous to the co-op, The Real Deal previously reported, pushing monthly maintenance costs up and up.

Douglas Elliman has an in-contract listing for a two-bed, two-bath apartment in the building listed for $499,000 with maintenance costs of $3,383.

Elliman broker Jane Calvin said she could not comment on the listing as she had just heard about the sale to E&M.

Correction: An earlier version of this article misstated the nature of a bankruptcy filing at the property. The bankruptcy had been for a separate retail portion.

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