Building Sale

Chelsea Building Housing Cafeteria Restaurant Trades [Updated]

119-125 Seventh Avenue

119-125 Seventh Avenue

The Chelsea building where the once uber-cool Cafeteria has been located since 1998 has sold for $35.6 million. The deal closed yesterday.

The sellers of 161-165 West 17th Street, also known as 119 Seventh Avenue, are the Spector family and partners, who have owned the mixed-use property for 47 years. The buyers are Albert and Robert Gilardian of the Manhattan-based Gilar Group

The six-story building is 100 percent occupied. It has 55 rent-stabilized apartments with rents averaging $1,335 per month and Cafeteria is on the ground floor and lower level. The restaurant’s lease will continue.

Eastern Consolidated‘s David Schechtman and Abie Kassin represented the seller. Eastern Consolidated’s Lipa Lieberman procured the buyer.

“This well-maintained, fully occupied property is a rare find in the hot Chelsea market, particularly a corner location with this much frontage and a well-known restaurant on the ground floor,” Mr. David Schechtman said in a prepared statement. “Clearly the buyer sees the tremendous upside potential and opportunity to transition the rent-stabilized units over time, as well as the value of this type of property in such a prime neighborhood.”

Update: This story was updated to reflect the buyers’ names, the date the deal closed and that Cafeteria is staying put.

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