Keiichi Yoshii Acquires Mixed-Use Property On West 28th Street From HAP Investments

215-225 West 28th Street in Chelsea has been sold at a transaction value of $506,000,000. The property, classified as mixed-use, is located within the M1-6D zoning district. It encompasses a total of 91,810 buildable square feet with a price per buildable square foot of $5,511. The total lot size is 9,181 square feet, with dimensions measuring 51.75 feet by 91.83 feet. The sale was completed on 10/19/2021.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $506,000,000
• Address: 215-225 West 28th Street
• Market: Chelsea
• Zoning: M1-6D

The buyer in this transaction is Keiichi Yoshii, representing Daiwa House Group. On the other hand, the seller is HAP Investments, represented by Eran Polack. The property comprises 132,482 square feet, with a price per square foot of $3,819. It consists of 199 units, resulting in a price per unit of $2,542,713. The property's floor area ratio (FAR) is 14.43, indicating substantial development potential. It falls under tax class 2 and has an alteration permit issued on 04/01/2021.