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Chelsea Development Site Sold for $16M
Ariel Property Advisors (Ariel) has sold a development site at 250 West 30th Street in Chelsea for $15.9 million. The property, featuring a vacant three-story, 14,811-square-foot commercial building, offers M1-6D zoning permitting a mixed-use development of up to 49,375 square feet.
Led by Victor Sozio and Howard Raber, Esq., Ariel represented the seller, Bridget Realty LLC, alongside Keen-Summit Capital Partners LLC. “The sale of 250 West 30th Street confirms that there is still robust demand for well-located Manhattan development sites suitable for condo projects,” Sozio said. “Located between 7th and 8th Avenues, one block south of Penn Station, this area is seeing a number of new residential developments.”
“Condo development sites have remained attractive in Manhattan because their construction isn’t dependent on the expired 421a tax abatement program, whose absence has contributed to a downturn in development sales in the outer boroughs,” said Raber.
- ◦Sale/Acquisition
