Tomer Ehrlich & Einav Gelberg Buy Development Site From Eli Papouchado For $33.5M In Chelsea

The property asset involved in the transaction is a development site located at 538-542 W 29th Street in the Chelsea market. The sale price was $33,500,000, with a total square footage of 74,063, equating to a price per square foot of $452.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $33,500,000
• Square Footage: 74,063
• Address: 538-542 W 29th Street
• Market: Chelsea
• Buyer: Tomer Ehrlich & Einav Gelberg - T & E Development
• Seller: Eli Papouchado - PPHE Hotel Group
• Buyer's Representative: Lenny Sporn - Sporn Group

The deal showcases the involvement of T&E Development, which has reportedly achieved an 80% sales rate at their project located at 350 E 18 Str within 10 months, positioning them in the top 3 sales per week in the city according to Douglas Elliman.