A vacant townhome and adjacent loft building will be redeveloped for boutique luxury residential units

New York, NY – Avison Young has sold two adjacent properties at 247-251 West 16^th Street in New York City’s Chelsea neighborhood for $11.5 million. The transaction was arranged as an estate sale on behalf of a private seller and encompasses a vacant townhome and adjacent loft building. The properties were sold to a best-in-class developer with the intent to replace the buildings with a boutique luxury residential building.

The seller was represented by Mitchell Levine, David Shalom, and Alexandra Marolda of Avison Young, all based in the firm’s New York City office. Attorneys for the estate were Adam Endick, Partner of Vinson & Elkins and Stephen Solyemani, Partner of Morrison Cohen, LLP.

““This deal encompassed many moving parts to deliver the properties vacant while reaching an agreement with the neighboring cooperative for the future redevelopment,” said Levine.”

The properties are located on the north side of West 16^th Street between 7^th and 8^th Avenue along a tree-lined block and are not included within the Chelsea Historic district. Combined, they encompass 55’ of frontage along the street with a curb cut and include approximately 6,707-square-feet (sf) of unused air rights.