Investor Gary Vinbaytel has closed on the $8.3 million purchase of a mixed-use building in Chelsea from The Jemstone Group, Commercial Observer has learned.
The sale of the 5,148-square-foot property at 192 Eighth Avenue between West 19th and West 20th Streets closed on Dec. 19, according to the seller’s broker Marcus & Millichap. The property is three stories and comprised of four vacant apartments and a unoccupied ground-floor retail space.
“The building was delivered vacant offering the new investor options,” Marcus & Millichap’s Joseph Koicim, who handled the transaction with colleagues Peter Von Der Ahe and David Lloyd for The Jemstone Group, said via email.
Vinbaytel is planning to tear down the existing building and construct a mixed-use condominium with 7,500 square feet for residential usage, according to David Chera of Kassin Sabbagh Realty, who represented the buyer in the transaction.
“The purchaser plans on capturing the full value of the parcel by building a mixed-use, boutique luxury condominium on the site,” Chera said in a statement. “From railyards and slaughterhouses, to galleries markets and museums—the West Side has seen a resurgence. Vinbaytel is just happy to be a part of it.”
Update: This article was edited to include comments from the buyer’s broker.