| A new Class-A building targeting LEED Platinum is coming to West Chelsea. Yesterday, Albanese Development Corp announced it purchased 510 W 22nd St from Highland Capital for $55M with plans to redevelop the vacant five-story garage. (Fun fact: it was once owned by an investment group that included Jay-Z.) |
| The plan: a nine-story, 175k SF building with 200’ of frontage along the High Line. (Zoning allows for development of office, retail, hotel, and non-profit museum uses.) It will include 14 to 20-foot ceilings and column-free floorplates ranging from 15k to 20k SF. ADC has enlisted Cook+Fox Architects, which is no stranger to green—it was the design brain behind Bank of America Tower at One Bryant Park. Sustainable features will include individual occupant-controlled HVAC systems and outdoor spaces on the second and eighth floors and rooftop. Investors include The Olayan Group and West Chelsea developer Alf Naman, while acquisition cash was provided by HSBC. |
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