Prices bid upwards as rare Cheslea gem is sold.Adelaide Polsinelli, senior executive broker at Besen & Associates, Inc., has successfully sold the building located at 140 West 22nd Street, for a purchase price of $27 million.
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 VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled.
2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. 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 See generation X. and their echo boomer boom·er
1. Informal A nuclear submarine armed with ballistic missiles.
2. Informal A baby boomer.
3. A transient worker, especially in bridge construction.
4. 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 flocking
1. counterpart of herding but for a flock.
2. precipitation, usually by the addition of a chemical, of protein in a solution for the purpose of clarifying it. 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 realty n. a short form of "real estate." (See: real estate)
REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. 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 Kaye Scholer is a law firm founded in 1917 by Benjamin Kaye and Jacob Scholer. The firm has more than 500 attorneys in eight offices located in the cities of Chicago, Frankfurt, London, Los Angeles, New York (headquarters), Shanghai, Washington, D.C., and West Palm Beach. , LLP LLP - Lower Layer Protocol . The purchasers were represented by Stuart Rich and Scott Newmark of Meister Seelig & Fein, LLP. Title was closed by Anthony Chiellino of Prestige Title.