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.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.