Search
 

Luxury Condo Plan for Chelsea Warehouse

NEW YORK CITY-A group of investors has quietly acquired a Ninth Avenue warehouse and the air rights to five adjacent buildings. They plan to add several additional floors and redevelop the industrial property as a luxury condominium building.

By Glen Thompson | Updated on March 22, 2002

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.