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Atlas buys Chelsea residential buildings for $73M 

Adjacent properties house combined 245 apartments across 118K sf

225 West 23rd Street in Chelsea
225 West 23rd Street in Chelsea

Atlas Capital Group bought a pair of Chelsea residential buildings for $72.9 million, according to property records filed with the city Monday.

The Midtown East-based investment firm acquired the two adjacent properties — located back-to-back with frontage on parallel streets — from Harrison, N.Y.-based Rao & Rao LLC, a company affiliated with the estate of real estate investor Bernard Kayden.

One of the properties, a seven-story, 67,000 square-foot building 225 West 23rd Street, houses 127 residential units across 61,000 square feet as well as 6,000 square feet of commercial space. The other, a six-story building at 220 West 24th Street, holds 118 residential units across 57,000 square feet of space.

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Property records show Kayden owned both buildings dating back to 1976.

Among Atlas Capital Group’s developments including a new mixed-use project at St. John’s Terminal across from Pier 40 at Hudson River Park.

Neither Atlas nor the seller could be reached for comment.

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