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Acquisitions

Moshel & Garfinkel families sell Chelsea development site

155-165 West 29th Street (Credit: Google Maps)

The Davis Companies has acquired two adjacent industrial properties at 155 & 165 West 29th Street in Chelsea from the Moshel and Garfinkel families for a total of $62.5 million. The buildings span a total of 37,889 SF, and feature an additional 91,279 SF of unused air rights. 

  • Plans: VP of Development Stephen Skolas said the Boston-based firm plans to build a 17-story, 180,000-SF storage facility on the site. It’s other assets in the city include 570 Fulton St. in DoBro and 340 Court St. in Carroll Gardens.
  • Complex deal: The Davis Companies purchased part of the asset last March for $26 million, and completed its acquisition one year later, buying the remaining interest for $36.5 million, Crain’s noted. The property was previously owned as a co-tenancy between two branches of the extended family, according to Herrick Feinstein attorney Sheldon Chanales who worked the deal. [ACRIS+Crain’s]

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