Klövern, GDSNY acquire air rights, easement valued at $17.7M in Chelsea

Developers Klövern and GDSNY acquired development rights from Neil Wainland through the entity The N.E.W. Corp. valued at $17.7 million for 3 parcels, including the tax class two-story or store and office (K2) involving the properties 116 10th Avenue, 118 10th Avenue, 453 West 17th Street in Chelsea. The deal closed on September 21, 2020 and was recorded on October 5, 2020.

The transaction includes the sale of just over 5,000 square feet of development rights, a zoning lot merger and other benefits. Klövern and GDSNY acquired a leasehold interest in 2019. The signatory for the buyers was GDSNY’s Michael Kirchmann. Benny Barmapov owns one of the parcels and has executed as ground landlord a lease with the developers as ground tenants.

Over the past five years, there have been 3 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. There has been one demolition project filed for the parcels over the past five years.
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