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ADG Closes Large MXD Sale for $51M

NEW YORK CITY-The company significantly boosted its profits on the Chelsea property with some shrewd choices at the time of its purchase.

By Rayna Katz | Updated on September 23, 2013

NEW YORK CITY-Some favorable market conditions and a clever purchase of air rights enabled American Development Group to make nearly $20 million on a 2012 purchase in nine months.

The company—in conjunction with Langsam Property Services Corp.—sold 215-219 W. 28th Street for $51 million, it announced Monday. The 116,000 square foot ground-up construction site was purchased last December for $32 million.

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