Arad of Romer Debbas represents Six Sigma in acquisition of development site - $54.75 million
517-523 West 29th Street,Chelsea - Manhattan, NY
Guy Arad, Romer Debbas LLPManhattan, NY Condo developer Six Sigma NYC has closed on the purchase of a Chelsea site near the northern end of the High Line for $54.75 million.
The purchase of the six-story Tuck-It-Away Self-Storage warehouse at 517-523 West 29th St. by Six Sigma NYC was spearheaded by Jason Lee and Johnny Wan, who plan to redevelop the property as a new condo building. Six Sigma NYC is a boutique design and build firm dedicated to developing, designing and building condos in the city’s most discerning neighborhoods. Current projects include 449 Washington St., 56 Walker St. and 435 West 19th St.
Guy Arad, Esq., a partner at Romer Debbas LLP, represented Six Sigma in the acquisition of the property. Michael Rosenstock, Esq., of Law Offices of E. Michael Rosenstock, P.C., represented Six Sigma in corporate and related matters. Construction of the new project and demolition of the existing building is anticipated to start in the spring, according to Arad.
The site is centered in a hotbed of new development – steps away from the High Line and Hudson Yards, next to the wavy, SCDA Architects-designed condo tower being developed by Bauhouse Group, and across the street from a trio of apartment buildings under construction by Lalezarian Properties. The 55,000 s/f warehouse is one of 14 facilities Tuck-It-Away owns in Manhattan, Brooklyn, Queens and the Bronx. The site is zoned for up to 74,000 buildable s/f.