October 23, 2017
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.
For comments, questions or concerns, please contact Dennis Kaiser