New York-based international real estate investment and development company HAP Investments has acquired the development site at 215-219 W. 28th St. in Manhattan, along with adjacent air rights, for $51 million.
American Development Group and Langsam Property Services sold the site, strategically located between Seventh and Eighth Avenues in the Chelsea submarket, close to Google’s New York headquarters and the Fashion Institute of Technology.
Development plans call for a residential tower with below-grade parking and ground-floor retail space. Current plans call for 116,000 square feet of mixed-use space, which would equate to a price per buildable square foot of $440. Approvals are in place for 145 apartments, 1,500 square feet of retail space, and 54 parking spaces.
An architect has not yet been selected for design of the building.
Amir Hasid and Nir Amsel with HAP Investments have actively raised equity capital from a group of Israeli investors. Trevian Capital, a New York-based direct capital lender, has arranged additional financing for the project.
Robert Knakal with Massey Knakal Realty Services brokered the sale for both the buyer and the seller.
Please see CoStar COMPS #2841504 for additional information on this transaction.