Updated Aug 31, 2026
Einav Gelberg & Tomer Erlich Of T&E Development Purchase Development Site For $33.5M
538 West 29th Street & 542 West 29th Street
$33,500,000
$452/SF
Building Size
74,000 SF
Asset Type
Development Site
Closing
Aug 28, 2026
About this deal
AI
A development site located at 538 West 29th Street and 542 West 29th Street in West Chelsea/Hudson Yards has been sold for $33,500,000. The property has a building square footage of 74,000 and the price per square foot is $453.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $33,500,000
- Buyer: Einav Gelberg & Tomer Erlich
- Buyer's Company: T&E Development
- Seller: PPHE Hotel Group
- BSF: 74,000
- PPSF: $453
T&E Development has secured financing for the transaction from BHI Bank with plans to develop 76 condominium units on the acquired site.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93