Hong Kong company pays $53M for Chelsea development site

Sites at 531-539 Sixth Avenue come with 60K sf in air rights

From left: 531-537 and 539 Sixth Avenue
From left: 531-537 and 539 Sixth Avenue

Hong Kong-based Gemini Investments is in contract to buy a Chelsea bank building and an adjacent walkup for $53 million, according to a statement. The combined lot at 531-539 Sixth Avenue has enough air rights for a 60,000 square foot apartment building.

In the larger of two deals signed last week, Gemini paid $42.4 million for the single-story, 14,000 square foot retail building 531-537 Sixth Avenue. The building, once home to an HSBC bank branch, is vacant. Eva Usdan, Rebecca Colin and the Samuel Flug Colin 2004 Legacy Trust are the sellers.

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Gemini also bought the adjacent, four-story retail and apartment building 539 Sixth Avenue from an unnamed seller.

Gemini Investment Holdings is a public real estate investment company. Its stock is listed on the Hong Kong Stock Exchange.

Eastdil Secured’s Adam Spies, Doug Harmon, Adam Doneger and Brett Siegel represented the seller.