Exclusive on $21m Chelsea site – Brief Article
John Anthony Group Inc has been chosen to market a garage building plus additional air rights for development into a 106,000/sf mixed use building in the High Line area of West Chelsea. The package consists of a $15,000,000 garage building plus additional air rights for $6,000,000. Louis Moskowitz, investment associate, has the exclusive listing to market the property.
The site, located at 537-543 West 20th Street, is scheduled to be rezoned in the fall as part of the Department of City Planning’s West Chelsea zoning change carving out a special redevelopment district along 10th and 11th Avenues, between West 16th and West 30th Street. The plan is part of the City’s overall effort to encourage development on the West Side, Manhattan’s most underdeveloped area.
The West Chelsea area is undergoing a renaissance spearheaded by the influx of art galleries, the announced construction of the new 190,000/sf Frank Gehry designed headquarters building for Barry Diller’s IAC/InterActive Corp and the potential conversion of the abandoned CSX elevated rail line into a 1.6 mile park.
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