Timber Equities signs $48.25M contract for 128K Chelsea dev site

Developer Timber Equities signed a $48.25 million contract to purchase a Chelsea development site with approximately 128,375 square feet of development potential at 331-341 West 25th Street, between Eighth and Ninth avenues, a court filing the seller, the Roman Catholic Church of Saint Columba, made as a required step to sell assets of religious and nonprofit entities in New York State. The contract was signed on December 16, 2024.

The existing buildings are on three tax lots totaling approximately 20,000 square feet and 200 feet of frontage on 25th Street, and the buildings include, “The former rectory (Lot 15), (ii) the former school (Lot 17), and (iii) the former convent (Lot 23),” according to the contract. The buyer plans to demolish the existing structures and build new construction, “Purchaser intends to remove the Building from the Land and thereafter undertake and complete the ground-up construction of a new building(s).”

Case LINK
Timber Equities Chelsea contract pdf

Timber Equities , led by Mitch Perle, Joe Seidenfeld , and Jeff Torkan, focuses on residential development in New York City. Other projects include 282 West 182nd Street, 170 West 225th Street and 5055 Broadway, among others.

The buyer paid a deposit of $2.4 million, as part of the agreement, according to the contract.

The brokers were JLL’s Guthrie Garvin and Jonathan Hageman, who were marketing the project.

According to the JLL marketing material, “The entire site is located within the R8 zoning district, which allows for residential and/or community facility as-of-right. In total, the site allows for approximately 128,375 BSF at the 6.5 FAR allowed under the zoning district. Given the expansive frontage and combined footprint, the site allows for a myriad of potential residential massing options.”

Direct link to 341 West 25th Street’s ACRIS page
Direct link to 343 West 25th Street’s ACRIS page
Direct link to 331 West 25th Street’s ACRIS page
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