Jamestown is undertaking a major expansion of its Chelsea Market office and retail property at Ninth Avenue and 15th Street.
The basement level is mostly vacant space, and the process of adding 80k SF of new retail space to it is underway. Manhattan Fruit Exchange is the current tenant in part of the future retail space, and has agreed to move distribution operations while retaining a retail operation on the ground level.
The conversion of the basement is expected to take about five years at a cost of $35M to $50M, Jamestown president Michael Phillips tells Crain’s. Retail rents at Chelsea Market on the ground floor hit levels up to $400/SF.
Rents on the lower level will be significantly lower, although Jamestown is not naming numbers yet. This comes on top of (or, actually, below) a 300k SF expansion of the property’s office space. Michael says that expansion won’t commence until a tenant is signed on. [Crain’s]
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