NEW YORK CITY—Google has agreed to buy the Chelsea Market building at 75 Ninth Ave. for more than $2 billion, with an anticipated April 2018 closing, as reported in the Real Deal on Tuesday. The 1.2-million square-foot office and retail property is currently owned and being sold by Jamestown LP, an Atlanta-based real estate firm. Real Capital Analytics notes the rumored selling price is $2.1 billion, approximately $1,750 per square foot.
Sources say CBRE is representing the buyer and Cushman & Wakefield is representing the seller, according to the Real Deal.
Jamestown had bought the Chelsea Market property in June 2011 for $793.5 million in a partner buyout from a joint venture of Angelo, Gordon & Co., Belvedere Capital and ATC Properties. The eight-floor structure built in the 1930s was 99% occupied. The price was approximately $661 per square foot. In Sept. 2003, Jamestown had bought a 75% partial interest in the property for $278.1 million from the same partners at approximately $253 per square foot. The sales data was noted in Real Capital Analytics.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
