NEW YORK CITY-Chelsea residents may be surprised to learn that a development group led by a local architect plans to substantially heighten a six-story Ninth Avenue warehouse and redevelop the building as a luxury condominium property.

In a deal that slipped completely unnoticed past local watchdog groups and Community Board 4, a group of investors led by architect Gregg Pasquarelli has purchased the 30,000-sf industrial property on the southeast corner of Ninth Avenue and 15th Street. In addition to acquiring the warehouse from seller David Weinstock, the group, called Jeffery M. Brown Associates, also purchased the air rights to five adjacent properties and plans to stack them in order to increase the allowable height of the building at 62-66 Ninth Ave.

Aspen Capital senior managing director Angelo Spateri, along with brokers Miriam Trink and Jack Reiss represented the building’s buyer and seller as well as the undisclosed sellers of the air development rights. Spateri will not disclose the purchase price of the building or the air rights. He notes, however, that Pasquarelli, who is designing the project, plans “a substantial number of additional floors.” The price tag on the redevelopment is “quite large, in excess of $10 million,” Spateri tells GlobeSt.com.

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