Ariel Property Advisors recently completed the sale of a development site in Chelsea for $15.9 million. The property, which includes a vacant three-story commercial building spanning 14,811 square feet, is zoned M1-6D and allows for mixed-use development up to 49,375 square feet.
The seller was represented by Ariel’s Victor Sozio and Howard Raber, Esq., along with Keen-Summit Capital Partners LLC. According to Sozio, the sale of this property highlights the continued demand for well-positioned Manhattan development sites suitable for condominium projects. Located just one block south of Penn Station between 7th and 8th Avenues in an area experiencing significant residential growth.
Raber adds that condo developments remain attractive in Manhattan due to their independence from the expired 421a tax abatement program which has contributed to a decline in sales activity within outer boroughs.
This transaction further demonstrates strong interest in prime New York City real estate opportunities as developers seek out profitable investments despite changes within government incentive programs.
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