As one of the forces behind Walker Tower, Stella Tower, and 111 West 57th Street (poised to be one of the tallest residential towers in all of Manhattan and prominently figure in the NYC skyline upon its completion in the summer of 2017), Property Markets Group is no stranger to successful residential developments. With well over three dozen projects throughout the city, the developer knows what works, and word on the street is they may be picking up the site at 548 West 22nd Street between 10th and 11th for the same price as its current owner, Kilian LLC, paid in 2007.
Situated west of the High Line, in what is quickly becoming one of the city’s most sought after markets, the deal for the roughly 40,000-square-foot building currently housing gallery and event space is rumored to be hovering around $40 million.
A tear down could lead the way to a 50,000-square-foot, mixed-use property as-of-right, and the possibility of air rights could bump that up to 75,000 square feet. Though zoning laws in the Chelsea location require an even split between residential and commercial space, acquisition of those elusive air rights could push the residential component alone to 50,000 square feet.
With unobstructed river views protected by a neighboring three-story building it’s likely the city will have yet another PMG residential development in its future.
Photo via CoStar Group
[Via Crain’s New York]
Neighborhoods : Chelsea