Google to buy Chelsea Market building for $2.5B, the second largest single sale in NYC history
Photo of Chelsea Market via Wikimedia
Editor’s Note: The New York Post reports Google will buy Chelsea Market for $2.5 billion, which would make it the second biggest single sale in the city’s history. It closely follows the $2.8 billion purchase of the GM Building in 2007.
Google has entered contract with Jamestown LP to buy the Chelsea Market building for over $2 billion. As 2018’s first billion dollars plus transaction in New York, the deal is expected to close sometime in the next two months, according to the Real Deal. This will further the tech giant’s presence in the Manhattan neighborhood; it is currently the biggest tenant at 75 Ninth Avenue and its headquarters are located across the street at 111 Eighth Avenue.
While its best known for its popular food hall, which attracts about 6 million visitors each year, Chelsea Market also features office space upstairs for tenants like Food Network and Major League Baseball. Out of the 1.2 million-square-foot building, Google currently takes up more than 400,000 square feet.
It remains unclear what Google has in store for Chelsea Market, but sources told TRD that it most likely will keep the building’s retail space the same. The building is almost fully occupied, but the MLB’s lease runs out in 2022.
Last year, Chelsea Market expanded on the lower-level to create “Chelsea Local,” a grocery with New York vendors like Manhattan Fruit Market, Buon Italia, Dicksons Farmstand and Ronnybrook Farmstand.
[Via The Real Deal]
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