The Metro Development Company of Philadelphia has bought the 6-story, 33,000-square-foot commercial building at 124 West 24th Street for about $15 million and plans a $25 million conversion to residential condominiums.
The Chelsea property has a 67-foot-frontage on 24th Street and was sold by Harold Milgrim.
According to Ronald A. Solarz and Eric M. Anton, senior managing directors of Eastern Consolidated who represented the buyer, the conversion is expected to completed next year and will contain 20 apartments ranging in size from about 1,100 to 1,200 square feet. Prices are anticipated to range from $1.2 to $1.8 million.
Marcia Rose Yawitz, senior director, and Anthony Finno, associate broker, both of Eastern Consolidated, represented the seller.
Mr. Solarz said that the "the building has tremendous upside potential" because its ground-floor retail space is leased at about half the current market rate and the majority of the upper floors are being delivered vacant.
The late 19th Century building is located between The Avenue of the Americas and Seventh Avenue.
The Chelsea property has a 67-foot-frontage on 24th Street and was sold by Harold Milgrim.
According to Ronald A. Solarz and Eric M. Anton, senior managing directors of Eastern Consolidated who represented the buyer, the conversion is expected to completed next year and will contain 20 apartments ranging in size from about 1,100 to 1,200 square feet. Prices are anticipated to range from $1.2 to $1.8 million.
Marcia Rose Yawitz, senior director, and Anthony Finno, associate broker, both of Eastern Consolidated, represented the seller.
Mr. Solarz said that the "the building has tremendous upside potential" because its ground-floor retail space is leased at about half the current market rate and the majority of the upper floors are being delivered vacant.
The late 19th Century building is located between The Avenue of the Americas and Seventh Avenue.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
