T&E Development Acquires Development Site At 538-542 West 29th Street For $33.5M From PPHE Hotel Group

The transaction involves a vacant development site located at 538-542 West 29th Street in the West Chelsea market. The asset was purchased for $33.5 million, encompassing a total building square footage of 74,063, which equates to a price per buildable square foot of $452.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $33,500,000
• Buyer: T&E Development
• Seller: PPHE Hotel Group
• Broker Representatives: Zach Redding, Dylan Kane & Jared King - Colliers; Lenny Sporn - Sporn Group

The sale concludes PPHE Hotel Group's plans for a hotel and luxury condo project initially proposed in 2019, marking a significant shift in the future use of the property as it transitions to T&E Development.