KBS Capital has entered into contract with Onyx Equities to acquire an 80 percent stake in the Church of St. John the Baptist, a two-story, 23,110-square-foot structure at 210 West 31st Street in Chelsea. KBS and Onyx plan to convert the structure into roughly 30,000 square feet of retail space, The Real Deal reported. The space will be divided between three units, all with space on the ground floor and additional space on the cellar and second levels. A roof patio could also be constructed. KBS is set to pay $39.8 million for the stake. A timeline regarding the sale or construction has not been disclosed. Alteration permits have not been filed at this time.
Excavation and piling work are underway on the site of a planned nine-story, 153,754-square-foot commercial building at 61 Ninth Avenue, located on the corner of West 15th Street in Chelsea. The site can be seen thanks to a photo posted to the YIMBY Forums. The latest building permits indicate the project will rise 135 feet to its roof, or 175 feet if the bulkhead is included.
SIR Chelsea LLC, a joint venture of hoteliers Richard Born, Ira Drukier, and Sean MacPherson, has closed for $250 million on the purchase of the 12-story, 58-unit mixed-use building known as Hotel Chelsea, at 222 West 23rd Street, in Chelsea. The new owners plan to redevelop the property into a boutique hotel and condominium units, The Real Deal reported. BD Hotels will serve as the developer and hotel manager. Completion is expected by 2018. The property is an individual landmark and has gone through years of redevelopment attempts.
The blocks just south of Penn Station in Chelsea are getting yet another hotel designed by Gene Kaufman. Plans were filed yesterday for a 40-story hotel at 144 West 28th Street, between Sixth and Seventh avenues.
Only a portion of the former five-story commercial building’s steel skeleton remains at the site of a planned 11-story, 137,081-square-foot commercial building at 510 West 22nd Street, located along the High Line in West Chelsea. The steel beams will be incorporated into the new building, which means the project is technically an expansion. Excavation work is currently taking place elsewhere on the property, as seen in the latest from Tectonic.