Capstone Equities Buys Chelsea Office Tower for $81M

Capstone Equities has acquired a new office tower in Manhattan’s Chelsea neighborhood for $80.8 million, according to city records made public Monday.

Capstone, through the entity 322 7th Ave Owner, purchased the 12-story office building at 322-326 Seventh Avenue from Corem Property Group, which used the entity W 28th Development, records show. GDS Development Management (GDSNY) developed the building.

Avi Kollenscher, a partner at Capstone, signed the deal for the buyer, while David Roll, head of acquisitions at GDSNY, signed for the seller.

Newmark‘s Adam Spies, Josh King, Adam Doneger, Marcella Fasulo and Avery Silverstein arranged the sale.

 Spokespeople for Capstone, Corem and GDSNY did not immediately respond to requests for comment.

Corem bought the property on the corner of West 28th Street and Seventh Avenue for $36 million in July 2018, property records show. GDSNY completed construction on the office building — called 28&7 — in 2022, New York YIMBY reported.

The tower, which was designed by Skidmore, Owings & Merrill, features amenities such as an outdoor terrace, bike storage, showers and changing rooms.

Current tenants at 28&7 include tech firm Ellipsis Labs, blockchain company Injective Labs, software company Antimetal and juice bar chain Joe & the Juice.

GDSNY has been busy with projects elsewhere in New York City lately.

The firm recently completed a major renovation at the Metropolitan Tower at 142 West 57th Street, which included new amenity areas, updates to the lobby and new restaurant space, as Commercial Observer previously reported.

GDSNY also recently completed the development of a 22-story office tower at 1241 Broadway in Manhattan’s NoMad neighborhood.

Isabelle Durso can be reached at idurso@commercialobserver.com.