High Line Development Site on 10th Avenue Hits the Market 

One of the last development sites along Manhattan’s High Line is being marketed for sale, Commercial Observer has learned.

Adirondack Capital Partners is marketing a 12,172-square-foot lot at 118-120 10th Avenue in Chelsea,  which developer Benny Barmapov has owned the bulk of since 1975. An expected sales price was not provided.

“This is truly a one-of-a-kind opportunity for investors and developers looking to make their mark in one of Manhattan’s most dynamic submarkets,” Michael Hunter Coghill, managing partner at Adirondack Capital Partners, said in a statement. “With its prime location, flexible zoning, and proximity to world-class cultural and commercial institutions, 118-120 10th Avenue represents a rare chance to deliver a landmark project that will shape the future of West Chelsea.” 

A portion of the land was previously acquired via a ground lease by Real Estate Equities Corporation for $21 million in 2017, according to Adirondack, with plans to build a 100,000 square feet office building. GDSNY subsequently took control of the ground lease and purchased additional air rights before losing the site during the COVID-19 pandemic. Barmapov now controls the entire parcel, according to Adirondack.

Located on 10th Avenue between 17th Street and 18th Street, the empty lot is a short walk from the High Line, the elevated rail line that was converted to a pedestrian park in 2009. The site should command interest also due to its proximity to nearby Chelsea Market, the Meatpacking District, Hudson Yards and the West Side Highway, according to Adirondack. 

It’s within an area of West Chelsea that permits an as-of-right gross floor area of roughly 78,300 square feet for commercial uses and 66,100 square feet for residential, with the option to expand the residential floor space by purchasing air rights, Adirondack said. 

The area near 118-120 10th Avenue saw transaction activity in the last year with Legion Investment Group acquiring a 20,000-square-foot lot at 540 West 21st Street from Casco Development for $87.4 million in April 2024, CO reported at the time. Legion filed plans in December to build a 74-unit residential building at the site. 

“West Chelsea continues to thrive as one of the city’s most sought-after districts for high-end development,” Chad Sinsheimer, managing director at Adirondack Capital Partners, said in a statement. “This site offers the scale, flexibility and prestige that global investors and top-tier developers are actively seeking.”

Andrew Coen can be reached at acoen@commercialobserver.com.