Grid Group pays $31M for development site in Chelsea

The Grid Group through the entity Loves Lane LLC paid $31 million to Louise Weiss through the entity Jadlamm Realty Corp. for a development site currently occupied by an industrial (G1) building at 142 West 21st Street in Chelsea, Manhattan.
The deal closed on August 23, 2021 and was recorded on September 2, 2021.
The property has 16,376 square feet of built space and 45,197 square feet of additional air rights for a total buildable of 61,573 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,893 and the price per buildable square foot is $503 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on August 23, 2021, for $31 million.
The signatory for Louise Weiss was Louise Weiss. The signatory for Grid Group was Yiannes Einhorn.

Within a 400-foot radius of 142 West 21st Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on April 15, 2020 for a 51,430-square-foot B building at 124 West 20th Street.
One of those three items was a sale which Akam Associates bought one condo unit in the 10,276-square-foot, 101-unit mixed-use building (RM) on 133 West 22nd Street for $8.6 million from Magnum Real Estate Group, RoundSquare Development, and Lam & W Realty on May 26, 2021.
One of those three items was a loan which Suresh Sani borrowed $15.7 million from M&T Bank secured by the 115,895-square-foot, five-unit industrial (W9) on 133 West 21st Street on November 13, 2019.

Clarification: the post has been updated to reflect that this is a development site purchase.

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