NEW YORK CITY-Jamestown Properties has bought out its partners in the Chelsea Market mixed-use complex for more than $225 million, the Wall Street Journal reported Monday. The Atlanta-based company is planning to add a 300,000-square-foot tower that could accommodate either a hotel or additional office space.
Jamestown, which already held a majority stake in Chelsea Market, is buying out stakes formerly held by Angelo, Gordon & Co., Belvedere Capital and developer Irwin Cohen, according to the WSJ. Cohen paid less than $10 million to acquire a complex of 16 old factory buildings on Manhattan’s Far West Side in 1993; the retail and office property he developed on the site is valued today at about $800 million.
Constructing a tower on the Chelsea Market site would require going through the city’s Uniform Land Use Review Procedure; Jamestown plans to begin the public-review process later this year, according to the WSJ. Taking up an entire block between Tenth and Eleventh avenues and 15th and 16th streets, Chelsea Market is near another successful Jamestown property: 111 Eighth Ave., the massive office building that Google bought in December 2010 for $1.8 billion from Jamestown and Taconic Investment Partners. Click here for the complete WSJ article.
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