Developers Pay $12 M. for Chelsea Development Site, Plan for Another Chelsea Green
Real estate owners and developers Alfa Development and Park-It Management have snagged a development site in at 117-119 West 21st Street in Chelsea for $12 million, where they plan to construct a high-end residential development, The Commercial Observer has learned.
The site is currently occupied by a four-story vacant warehouse with 44 feet of frontage and distinguished what brokers described as a unique double cut curb, which is zoned for up to 32,489 square feet.
“The major driver in the sale was the site’s prime Chelsea location, the fact that it is vacant, has no encumbrances and is in ready condition for immediate redevelopment,” Eastern Consolidated’s Alan Miller, who represented the seller exclusively with David Schechtman and Paul Nigido, said in a statement. “Virtually any product type, ranging from hospitality, luxury residential or commercial retail may be constructed on that site.”
“These are real good guys who have been building for decades,” he added during a call with The Commercial Observer, referring to Alfa and Park-It Management, which are owned by the Namer and Spindler families, respectively.
Eastern Consolidated’s Brian Ezratty represented the buyer, Arc Building LP. Mr. Ezratty stated that the developers are planning a “high-end residential development similar to their successful project down the block at Chelsea Green at 151 West 21st Street.”
Major national retailers occupy nearby stores, among them Trader Joe’s, Best Buy, Home Depot, Sports Authority, Staples, Modell’s, Men’s Warehouse, and Bed Bath & Beyond.
The site is also flanked by the O’Neil Condominium building at 655 Avenue of the Americas, the sale of which Eastern Consolidated previously arranged, and the mixed-use and retail building at 675 Avenue of the Americas.
Neighbors include the Chelsea Market, Chelsea Piers, and Google (GOOGL)’s New York headquarters.