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West Chelsea Development Site Sells For $21M

New York Land

Real Estate Equities Corp has picked up a 99-year ground lease for 118 Tenth Ave and 124 Tenth Ave, just next door.

The firm paid $21M to current owner Benny Barmapov for the two properties near the High Line, according to The Real Deal.

The two one-story buildings between 18th and 19th Sts. add up to about 18k SF but come with 48k SF of commercial development rights or the right to build 63k SF of residential space.

There’s no word yet on what the developer may be planning at the site. [TRD]