GDS amends air rights purchase agreement for Chelsea dev site, no closing date disclosed

GDS Development through the entity Highline 118 LLC amended its air rights purchase agreement signed with Neil Wainland’s The N.E.W. Corp. for development rights from 116 10th Avenue and 453 West 17th Street to be transferred to 118 10th Avenue in Chelsea.
The memorandum of the amendment was signed on August 20, 2020, and was recorded on August 21, 2020. The closing date for the sale of the air rights was not disclosed.

The parties signed this third amendment to an agreement to sell air rights from two parcels Wainland owns to the development site at 118 10th Avenue that GDS controls through a long-term ground lease. The signatory for GDS was company founder Michael Kirchmann. Wainland signed the original development rights purchase and sale agreement in January 2018 with Real Estate Equities Corporation. REEC sold its leasehold and the rights to buy these development rights on May 31, 2019 to GDS.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $86,460.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Michael Kirchmann