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Vacant Chelsea Building Trades for $50M

NEW YORK CITY-The new owner will renovate the building to open it up to office users, a year after the seller began to redevelop it for residential.

By Katie Hinderer | Updated on May 08, 2007

NEW YORK CITY-The 12-story 216 W. 18th St. has been sold for $50 million. The Chelsea building was purchased by Harry Jeremias/Harch Realty LLC, a value-add operator. GFI Realty Services Inc.’s David Berger and Aaron Jungreis represented the buyer.

Currently the building is totally vacant since the previous owner was in the process of renovating the 155,000-sf building into residential condominiums, after having owned the property for several years.

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