The Feil Organization and Peter Armstrong of Rigby Asset Management through the entity 530 West 25th Street LLC paid Brown family’s Tan Holding Corp. $72.1 million for 516 West 25th Street in Chelsea. The deal closed on December 6, 2019, and was recorded on December 19, 2019. The transaction consists of 1 parcel, including the tax class office building with seven to 19 stories (O3). The property is 90,436 square feet. The parcel(s) have total development potential of 98,731 square feet.
The average sale price per square foot is $731.
The sale was brokered by Skyline Properties’ Robert Khodadadian and Daniel Shirazi.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $238,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link