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$93M High Line Deal Continues Chelsea Transformation

NEW YORK CITY-After Pembrook signed to hand over a three-building office complex to an affiliate of the Related Cos., Pembrook’s president and CEO Stuart J. Boesky tells GlobeSt.com’s Jacqueline Hlavenka about the site’s role in revitalizing the once-industrial neighborhood.

By Jacqueline Hlavenka | Updated on December 21, 2011

NEW YORK CITY-South of Midtown, approaching Tenth and Eleventh Avenues in Chelsea, a line of warehouses and aging office buildings once lined the blocks near the Hudson River. Now, a crop of former class C buildings have been transformed into a top-tier destination for creative and high-tech tenants.

After a successful repositioning effort, commercial real estate manager Pembrook Capital Management LLC has contracted to sell a three-building office complex at 511 W. 25th St. to an affiliate of the Related Cos. for $93 million. The properties, totaling 195,000 square feet, abut the High Line Park, which Pembrook’s president and CEO Stuart J. Boesky says improved sales efforts.

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