NEW YORK CITY-The Starrett-Lehigh Building, at 601 W. 26th St. in far-west Chelsea, has officially been sold to RXR Realty. As GlobeSt.com previously reported, a deal had been in the works for some time for the 2.3-million-square-foot office building.
The purchase price was $920 million, which comes out to roughly $400 per square foot. A $30 million capital improvement program to renovate portions of the building was recently completed, but William Elder, RXR’s EVP and managing director, New York City, tells GlobeSt.com that a planned $50 million investment will “take it to the next level.” It’s not clear yet exactly how the $50 million will be spent, but Elder anticipates improvements to the building’s lobby, among other areas.
The building, which occupies an entire city block, was attractive to Elder and his team in part because of its immense size.
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