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Avison Young sells adjacent residential and commercial properties in Chelsea for $11.5M

Avison Young sells adjacent residential and commercial properties in Chelsea for $11.5M December 14, 2023

A vacant townhome and adjacent loft building will be redeveloped for boutique luxury residential units

New York, NY Avison Young has sold two adjacent properties at 247-251 West 16th Street in New York City’s Chelsea neighborhood for $11.5 million. The transaction was arranged as an estate sale on behalf of a private seller and encompasses a vacant townhome and adjacent loft building. The properties were sold to a best-in-class developer with the intent to replace the buildings with a boutique luxury residential building.

The seller was represented by Mitchell Levine, David Shalom, and Alexandra Marolda of Avison Young, all based in the firm’s New York City office. Attorneys for the estate were Adam Endick, Partner of Vinson & Elkins and Stephen Solyemani, Partner of Morrison Cohen, LLP.

““This deal encompassed many moving parts to deliver the properties vacant while reaching an agreement with the neighboring cooperative for the future redevelopment,” said Levine.”

The properties are located on the north side of West 16th Street between 7th and 8th Avenue along a tree-lined block and are not included within the Chelsea Historic district. Combined, they encompass 55’ of frontage along the street with a curb cut and include approximately 6,707-square-feet (sf) of unused air rights.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.

For more information:

  • Download property photo here.

Media contact:

  • Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697