JV Sells Chelsea Loft Building for $48M

NEW YORK CITY-AEW Capital Management LP and Colliers ABR Inc. sell the Chelsea/Penn Plaza commercial office building located at 229-239 West 28th St., with features including high ceilings, large floor plates and abundant light and air, for $48.4 million to Joss Realty Partners LLC, a New York-City-based owner and operator of commercial properties.

Eastern Consolidated chairman and CEO, Peter Hauspurg, with Brian Ezratty, vice chairman, executive directors Eric Anton and Ronald Solarz, and Scott Ellard, director-financial services, exclusively represented the sellers. Ezratty procured the purchaser.

“This building is typical of the better commercial loft buildings in the Penn Plaza/Chelsea submarket, and its location is prime,” says Ezratty. “An added advantage, and one that drove the sale, is that by mid 2007, a big block of space totaling 80,486 sf can be made available which could help in repositioning the building as an upscale office destination.”