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A blog for breaking sales and neighborhood real estate news.

A development site at 559 West 23rd Street, located between Tenth and Eleventh Avenues in Manhattan’s Chelsea neighborhood, was sold in an all cash transaction valued at $4,240,000.

The site is 25’ x 99’ and approximately 18,515 buildable square feet. The property is conveniently located just steps from the High Line and is amongst 200 galleries in a ten-block radius. The site would be suitable for a mixed-use development with residential and retail. The sale price equates to $229 per buildable square foot.

“The site, which benefits from water views, would work well for condominium or rental development,” said Massey Knakal Partner James P. Nelson who exclusively represented the seller with First Vice President of Sales Brock Emmetsberger. “West Chelsea rental and condo values have continued to differentiate themselves as some projects have continued to achieve sellouts approaching $2,000 per foot,” added Emmetsberger.

Scott Mollen of Herrick, Feinstein LLP acted as the receiver for the property. Jack Sheridan of Herrick, Feinstein LLP and Richard Sussman of Rosenberg & Estis acted as the seller’s counsel.

Click here for press release

Neighborhoods: Chelsea