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Thread: 112 W. 25 St. - new Extell site in Chelsea

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    Build the Tower Verre antinimby's Avatar
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    Default 112 W. 25 St. - new Extell site in Chelsea

    Watch for something to happen here eventually.

    Extell buys Chelsea garage, flea market site

    112 West 25th Street

    July 3, 5:22 pm

    One of the last remnants of the old Chelsea Flea Market seems likely to shutter following Extell Development's purchase of a three-story garage at 112 West 25th Street. Extell paid $42.7 million for the building, according to public records.

    The property, which is a car garage during the week, has been cleared out on weekends for the Antiques Garage since 1994. The space is given over to vendors on Saturdays and Sundays as part of the larger Chelsea Flea Market, which relocated to Hell's Kitchen a few years ago.

    The Chelsea Flea Market had been based on Sixth Avenue between 25th and 26th streets for nearly three decades. The Antiques Garage currently operates under the umbrella of the Hell's Kitchen Flea Market, and a shuttle runs between the two sites.

    Calls to the Hell's Kitchen Flea Market about the sale of the Antiques Garage building were not returned.

    The site Extell purchased, which extends through to 24th Street, can support a commercial building or hotel of up to 167,450 square feet, which puts the price per buildable square foot at $255.

    IR Parking is the garage's operator, and sources at the company said its lease on the space is set to expire in a little more than a year.

    Calls to Extell about the firm's development plans were not returned.

    Copyright © 2003-2007 The Real Deal

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