The Riff Hotel in Chelsea has been sold for $27.5 million, and developers hope to build a new 12-story mixed-use building in its place. The site is a block away from Penn Station with access to subways, the LIRR, and Amtrak. Eastern Star Development purchased the site from Salt Equities.
The site is expected to produce a 130-foot tall structure. Salt Equities will retain a 5,000 square foot retail space on the site. The remaining 71,000 square feet will be dedicated to residential condominiums. Permits have not been filed yet, meaning little else is known about the project, including its architect and unit count.
Demolition permits have not been filed, and the estimated completion date has not been announced.