542-544 West 29th Street

New York, NY

Sold

$21,000,000

OVERVIEW

LOCATION:
542-544 West 29th Street, New York, NY 10001

Neighborhood: Chelsea

Asset Type: Development Site/Land

Buildable Sq Ft: 36,750

 

Description

New York, NY – Besen & Associates is pleased to announce the sale of 542-544 West 29th Street (the “Property”) 36,750 BSF development site located in the Chelsea neighborhood of Manhattan. Dan Shapiro and Shoy McKen of Besen & Associates represented Largo and the seller of 542-544 West 29th Street on the sale of that property, which went into contract in April 2015. The remaining properties were eventually added to complete the development site, which has 74,100 buildable square feet, or a price per buildable square foot of $567.

 

A Netherlands-based hospitality group is partnering up with a local developer to launch a new hotel in West Chelsea — and its first outside Europe. The joint venture intends to develop a mixed-use project consisting of a 98-room art'otel® branded hotel with extensive public areas and 55 residential condominium units. The partners each have 50 percent interest in the venture, and PPHE said it would manage the hotel once it’s up and running. PPHE has several art’otels, which feature original artwork from artists who also inspire the projects’ interior designs, throughout Europe. Across its portfolio, the brand has 38 hotels and resorts in operation and eight campsites. 

 

Nearby Transportation

It is in close proximity to the Hudson Yards #7 train subway station.