Prices bid upwards as rare Cheslea gem is sold.
The 12 story commercial building contains an estimated 70,000 s/f and is mostly occupied by media and entertainment companies.
Located in the heart of Chelsea, one of the most sought after residential areas in the city, the building will take its place among the city's priciest new buildings.
As Chelsea's side streets have become as desirable as the neighborhood's avenue addresses, the area also has the lowest residential vacancy rates in the city. "This project will be an immediate success as this incredible destination sells itself," Polsinelli concluded.
Chelsea once a neglected immigrant neighborhood with mostly warehouse and industrial buildings, saw the first wave of fashionable residents when the art galleries migrated from Soho in the 90's. Prices have been rising ever since.
Now a playground for baby boomers and their echo boomer children, who want to live in the middle of all Manhattan's action, there is little available inventory and is one of the tightest markets in the city.
With a growing number of families flocking to the larger size apartments coming on line this area's housing boom will last.
"Add to this, the rezoning of west Chelsea and the development of the high line park, and you have a neighborhood that is only growing steadily stronger," Polsinelli explained.
The purchasers, Cronus Capital and Vintage Group, and the sellers, Broadway 41st Street Realty Corp., were exclusively represented by Polsinelli. Lynda Blumberg, also of Besen & Associates, assisted with the marketing program.
The sellers were represented by Margaret Malone, Esq. of Kaye Scholer, LLP. The purchasers were represented by Stuart Rich and Scott Newmark of Meister Seelig & Fein, LLP. Title was closed by Anthony Chiellino of Prestige Title.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Dec 14, 2005|
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