Magna Hospitality Group pays $74M to Lam Generation for hotel development site in Chelsea

Magna Hospitality Group through the entity Chelsea 24th Street LLC paid Lam Generation’s LG Chelsea LLC $74.2 million for 113 West 24th Street in Chelsea. The deal closed on October 17, 2019, and was recorded on October 21, 2019. The transaction consists of 1 parcel where a 380-key hotel is being constructed.
The average sale price per square foot is about $587.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 126,376 square feet. Those plans include a total of 380 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

Correction: A prior version of this post had the incorrect estimated price per foot.