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Related Picks Up Six New York Sites for $234M

Related Companies acquired six sites in New York’s West Chelsea neighborhood from Amerco, the parent company of U-Haul, for $234-million. The six-acre land assemblage at 11th Avenue and 23rd Street is envisioned to be developed as a 23-story mixed-use project with 145 units encompassing 288,000 square feet.

Three of the sites, 548-552 West 23rd Street, 555 West 22nd Street and 170 11th Avenue, were acquired for $175 million, while sites at 162 and 164 11th Avenue were purchased for $16.6 million each and 70,000 square feet of air rights were picked up on another U-Haul site for $25 million.

The deal includes an agreement by Related to increase the affordability of nine units at the Tate at 535 West 23rd Street, as a way to offset six units to be demolished at 520 West 28th Street.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.