The Fashion Institute of Technology has been granted $74 million from the de Blasio administration to build a 10-story, 100,000 square-foot complex connected to the Martin Feldmen Center on West 28th Street in Chelsea. Plans have been in the works for years, and construction is expected to kick off next year. SHoP is designing the project, reports Curbed.
After obtaining $1 billion in financing, HFZ Capital Group has closed on the development site at 76 11th Avenue, or 518 West 18th Street, in West Chelsea. The lot comes remediated and vacant, and it’s one of the most expensive acquisitions in New York’s history, according to The Real Deal, clocking in at $1,100 per square-foot.
Per The Real Deal, Raphael Toledano has acquired the six-story, 39-unit rental building at 125 West 16th Street, in southeastern Chelsea, for $41.5 million. The new owner plans to add two stories and 20 units to the top of the building, and the existing structure will also be renovated. Madison Realty Capital provided $34 million for the purchase and construction costs.
Back in January, YIMBY brought you news of a 19-story, 26-unit condominium development at 548 West 22nd Street, in West Chelsea. Now, Curbed has the reveal for the project, which is being designed by Annabelle Selldorf. Property Market Group and Harch Group are expanding upon the existing four-story building, which will remain as the structure’s base.
Back in September, YIMBY reported on the first permit filings for a new 10-story residential building at 514 West 24th Street, which Roman and Williams is designing. Now, we can reveal the first drawings and floorplans for the project, which is under development by JDS, and will soon rise next to the recently-completed 508 West 24th Street.