Photo courtesy of Jamestown
Jamestown, the real estate investment company that just closed on the $2.4 billion sale of the 1.2 million-square-foot Chelsea Market building to Google yesterday, is getting in on the corporate game. The developer will continue to manage Chelsea Market and, according to the Wall Street Journal, they maintained the branding rights and intellectual property connected to the Chelsea Market name outside of Manhattan. The article reports that Jamestown is already scoping out “emerging neighborhoods” throughout the U.S. and Europe and hopes to announce one to two new locations for their new concept before the end of the year. Phillips told the Journal, “The concept travels…Our intention is to create this community of buildings.”
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Photo of Chelsea Market via Wikimedia
Editor’s Note: The New York Post reports Google will buy Chelsea Market for $2.5 billion, which would make it the second biggest single sale in the city’s history. It closely follows the $2.8 billion purchase of the GM Building in 2007.
Google has entered contract with Jamestown LP to buy the Chelsea Market building for over $2 billion. As 2018’s first billion dollars plus transaction in New York, the deal is expected to close sometime in the next two months, according to the Real Deal. This will further the tech giant’s presence in the Manhattan neighborhood; it is currently the biggest tenant at 75 Ninth Avenue and its headquarters are located across the street at 111 Eighth Avenue.
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Cronuts. Raclette. Poke bowls. Avocado toast. While the list of trendy cuisines making a splash in New York City’s food scene appears endless, food halls are making it easier for New Yorkers to try a bit of everything all under one roof. The city is experiencing a boom in this casual dining style; real estate developers opt to anchor their buildings with food halls, as all-star chefs choose food halls to serve their celebrated dishes. Ahead, follow 6sqft’s guide to the city’s 24 current food halls, from old standby Chelsea Market to Downtown Brooklyn’s new DeKalb Market, as well as those in the pipeline, planned for hot spots like Hudson Yards and more far-flung locales like Staten Island.
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Image courtesy of Chelsea Market
Today it seems like there’s a new food hall popping up every day, but one of the first incarnations of this trend was at Chelsea Market, when Irwin Cohen and Vandenberg Architects transformed the former Nabisco factory in the 1990s into an office building, television production facility, and food-related retail hub. New York City history buffs likely know that this is where a certain famous cookie was invented, but there are plenty of other fun facts about the location that are much less well known. Therefore, 6sqft has rounded up the top 10 most intriguing secrets of Chelsea Market.
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Views of addition courtesy of Neoscape
Back in March, 6sqft got a first look at renderings for Jamestown Properties‘ 240,000-square-foot addition to Chelsea Market. Known as BLDG 18, the nine-story topper designed by Studios Architecture will sit atop the westernmost building of the complex. In addition, the developer plans to spend $35 to $50 million doubling the size of the retail space. Though there’s no new images to accompany the news, Crain’s explains that the additional 80,000 square feet of retail will go in the building’s now mostly unused lower level. Here, among other renovations, Jamestown will convert a boiler room into a restaurant and add a central corridor similar to the existing one on the ground level.
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Annual office rents in the West Chelsea/Meatpacking District area have been topping $90 per square foot with many creative and technology tenants searching for boutique-sized spaces. So it seems like the perfect time for Jamestown Properties to move forward with their piggybacking plan for Chelsea Market.
Branding and visualization firm Neoscape put together a cheery film to market the upcoming building’s new 240,000 square feet of office space. To be known as BLDG 18, the structure is being designed by Studios Architecture and will rise nine stories atop the westernmost building of the Chelsea Market complex and the High Line. The film shows a private 16th Street entrance for tenants, 40,000-square-foot floor plates, 40-foot-wide column bays, multiple levels of landscaped terraces providing a total of 21,000 square feet of outdoor space, panoramic views, easy access to the High Line, and of course, the block-long Chelsea Market food concourse at ground level.
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Starchitect Jean Nouvel’s 100 Eleventh Avenue may have received mixed reviews—which is made even more evident when you look at its rocky listing history—but that doesn’t change the fact that this pad is a clear showstopper. Not only does the stunning full-floor penthouse offer 360 degrees of stellar views through 150 linear feet of floor-to-ceiling windows; have a sprawling layout and two terraces; and reside on one of New York’s most recognizable blocks, surrounded by buildings designed by Pritzker Prize winners like Frank Gehry and Shigeru Ban; but this unit also has recently renovated interiors courtesy of Jennifer Post, one of Architectural Digest’s top 100 designers. Bottom line, if you’re a big name-dropper, this $45,000/month rental has your name written all over it.
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If you renovate, will they come? It’s been less than a year since Jamestown Properties, the developer behind the successful Chelsea Market, acquired a 50% stake in the mostly abandoned industrial warehouse complex in Brooklyn’s Sunset Park known as Industry City.
Along with investment partners Belvedere Capital and Angelo, Gordon & Company, Jamestown plans to translate the success of Chelsea Market on a scale six times the size – 16 buildings encompassing over 6 million square feet formerly known as Bush Terminal. But while Brooklyn is currently the darling of the five boroughs, Sunset Park doesn’t quite have the cache of Chelsea – yet, and the viability of such an enormous undertaking is ten years in the making.
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