NEW YORK CITY—The Amirian Group, a developer, has acquired 117-119 W. 21st St. a vacant, midblock commercial building in the Chelsea/Flatiron portion of Midtown South, for $28.5 million.
Brian Ezratty, principal and vice chairman at Eastern Consolidated, arranged the transaction on behalf of the seller and procured the purchaser. Manish Majithia facilitated the equity for the Amirian Group. Richard Horowitz, of Cooper Horowitz, brokered the acquisition and construction financing. Andrew Albstein and Rob Loshiavo of Goldberg, Weprin, Finkel, Goldstein were the attorneys for the seller while Matt Kasindorf and David Moss of Meister Seelig & Fein were the attorneys for Amirian.
David Amirian, principal of the Amirian Group, will redevelop the four-story, commercial building—which has 38,612 buildable square feet—into a luxury residential building featuring one townhouse triplex unit, six full-floor units, and two duplex penthouses.
The site, which straddles Chelsea and the Flatiron District, consists of approximately 4,353 square feet of land, 44 feet of frontage, and a rare double curb cut between Sixth and Seventh avenues.
“The gut renovation of this property into high-end condos will tap into the area's strong residential market, where prices have escalated from $1,500 to 2,500 and 3,000-per-square-foot,” says Ezratty. “Sales have skyrocketed in this neighborhood and the Amirian Group is perfectly situated to deliver an attractive, boutique offering along this great block.”
The property is situated next to the newly built Indigo Condominium; across the street from a 210-unit apartment building known as “21 Chelsea,” down the block from the new Chelsea Green condominium and diagonally across from the O'Neil Building, a condominium and apartment building.
Additional development projects in New York City for the Amirian Group include the recently completed Robyn at 316 E. 3rd St. with Wonder Works Construction Corp.; 540 W. 49th St. with Fortis Property Group and Wonder Works; 436 and 442 E. 13th St. with Bridgeton Holdings and a townhouse in Greenwich Village.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
