NEW YORK CITY-The 12-story 216 W. 18th St. has been sold for $50 million. The Chelsea building was purchased by Harry Jeremias/Harch Realty LLC, a value-add operator. GFI Realty Services Inc.’s David Berger and Aaron Jungreis represented the buyer.

Currently the building is totally vacant since the previous owner was in the process of renovating the 155,000-sf building into residential condominiums, after having owned the property for several years.

“The building will undergo a full renovation and will be upgraded to a modern office building.” Berger tells, “The buyer sensed an opportunity to capitalize on the current dearth of space in the area and will add a much needed block of space to the market.”

The off-market deal closed in less than a month; and Berger believes a variety of tenants will be interested in locating in the building once it reverts to an office facility. “The opportunity to purchase a completely vacant office building in this market is very rare and the property and location will appeal to a variety of tenancies.”

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