(To read more on the multifamily market, click here.)

NEW YORK CITY-For $15 million, Grasso Holdings/Metro Development Co. of Philadelphia acquired a 33,000-sf residential loft building at 124 West 24th St. in Chelsea. The firm plans a $25-million condominium conversion.

Separate teams from Eastern Consolidated arranged the transaction. Marcia Rose Yawitz, senior director, and Anthony Finno, associate broker, represented the seller New York City-based Harold Milgrim. Ronald A. Solarz and Eric M. Anton, both senior managing directors represented the buyer.

Groundbreaking is expected for later in the year and the project is slated for completion in 2007. The buildings current commercial space is home to architectural antique dealer Old Goode Things. After completion, the condo will have 20 units ranging in size from 1,100 sf to 1,200 sf priced in the range of $1.2 million to $1.8 million.

“This pre-war property traded at a price which reflects today’s hot investment sales climate,” Yawitz says. Finno pointed out that, given its conversion potential, the seller felt “now was the optimal time to sell.”

“This building has tremendous upside potential,” Solarz notes. “One reason is that the ground-floor retail space is leased at 50% below fair market rent. The majority of the upper floors are now being delivered vacant.” Attorneys in the sale were Kenneth Jacobs, Esq. of Smith Buss Jacobs who represented the purchaser, and Seth Hauser, Esq. Hauser Associates, who represented the seller.

This marks Grasso’s third acquisition here over the last 18 months. Earlier this year, the firm purchased 245 10th Ave., which has 120 feet of frontage on the “High Line.” The purchase was estimated at $16 million with an expected project cost around $45 million.

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