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Chelsea sale breaks price record.

A Chelsea development site located at 241-245 W. 19th St,, mid-block between Seventh and Eighth Avenues, has just traded for $13.5 million. This equates to $443 per F.A.R. foot and is believed to be a record for a mid-block site south of 42nd Street.

Eastern Consolidated's Ronald A. Solarz and Eric M. Anton, both senior managing directors, represented the seller, West 19th Street Development LLC, in the transaction. The site contained two adjacent apartment buildings, one four stories, another three stories high, which were vacated and demolished by the seller. The buyer, Ginsburg Development Corp., LLC, was represented by Mary Willison, also of Eastern Consolidated.

Chelsea has been an extremely popular area of Manhattan for years, but today it is one of the hottest residential neighborhoods in New York City.

"The heavily residential neighborhood is well-balanced, with both existing and new retailers serving the burgeoning community," said Willison.

"This particular block is one of the most charming I have seen in the district, and the construction of a 12-story, 19-unit luxury residential condominium with one 2,000 s/f community facility unit at the rear will further enhance the block."

The new 38,358 gross s/f condominium will offer units ranging in size from 1,100 to 2,000 s/f, averaging over 1,300 s/f each. Six of the units will have outdoor space.
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Title Annotation:On the Real Estate Scene; Street Development LLC
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 22, 2006
Previous Article:Massey Knakal.
Next Article:Defeasance helps retail sale deal.

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