Chelsea Development Site Sells for $22.5M
Al Barbarino April 2, 2014, 11:40 a.m.
Massey Knakal has arranged the sale of a development site at 455 West 19th Street, located between Ninth and 10th Avenues in Manhattan’s Chelsea neighborhood, for $22.5 million, Commercial Observer has learned.
The site consists of an approximately 4,600-square-foot lot that measures 50 by 92 feet and currently holds a single-story warehouse, offering 27,692 buildable square feet. The sale price equates to approximately $813 per buildable square foot.
“Pricing of development sites in Chelsea have almost doubled since the start of 2012. Specifically in West Chelsea, many prospective developers see the success of past developments in the neighborhood and are willing to pay a premium to not miss out on these scarce offerings,” said Massey Knakal’s Brock Emmetsberger, who exclusively handled the transaction with James Nelson.
The property was delivered vacant and features 50 feet of frontage on West 19th Street, just steps from the High Line. The purchase represents a new venture for the new owner, a domestic developer.
“More and more we are seeing first time buyers, both domestic and foreign, willing to take on ground-up construction, especially for these boutique developments,” Mr. Nelson said.