530 West 25th Street
75,000 SF
$/SF
$960
Closed
2019
SellerThe Brown Family
Press Coverage
Expertise
Chelsea Development Sites
Chelsea
Chelsea is one of Manhattan's most active development corridors — anchored by Hudson Yards to the west, the High Line, and a deep base of long-time ownership. Skyline Properties has long covered the Chelsea submarket and sources off-market development opportunities across the High Line corridor, the West Chelsea Special District, and the gallery-district core. Adjacent context: Skyline Properties brokered the $72M 530 West 25th Street office sale (Feil Organization + Rigby Asset Management, 2019).
Closed Volume
Years in NYC
Published Transactions
Largest Published Transaction
Chelsea Development Sites — Skyline Properties Coverage
Chelsea is one of Manhattan's most active development corridors — anchored by Hudson Yards to the west, the High Line, and a deep base of long-time ownership. Skyline Properties has long covered the Chelsea submarket and sources off-market development opportunities across the High Line corridor, the West Chelsea Special District, and the gallery-district core. Adjacent context: Skyline Properties brokered the $72M 530 West 25th Street office sale (Feil Organization + Rigby Asset Management, 2019).
- As-of-right development sites
- Air rights and TDR opportunities
- Multi-lot assemblages
- High Line corridor sites
- Mixed-use and residential conversion candidates
Commercial Real Estate Advisory in Chelsea
Skyline Properties advises owners and qualified investors on chelsea development sites transactions, including valuation, confidential outreach, buyer qualification, negotiations, due diligence and closing coordination.
The appropriate process depends on the property, ownership objectives, buyer depth and required level of confidentiality. Published transactions and case studies provide examples of Skyline Properties' experience; they do not represent current inventory unless specifically identified as available.
- Property-specific valuation and current Chelsea comparable sales
- Controlled outreach for confidential chelsea development sites assignments
- Buyer qualification based on capital, experience, timing and execution history
- Senior-level transaction coordination from initial strategy through closing
- Public case studies and transaction records with supporting source links
Related Chelsea Property Topics
Investors and owners researching chelsea development sites may also evaluate Chelsea development site for sale, West Chelsea development site, Chelsea air rights for sale, Chelsea development assemblage, High Line corridor development site, West Chelsea Special District site, Chelsea buildable lot, Chelsea TDR air rights, Hudson Yards adjacent development site, Chelsea mixed-use development site, Chelsea gallery district building. The linked guides below address the relevant property types, transaction structures and underwriting considerations in greater detail.
Track Record
Recent
135 West 29th Street
75,000 SF
$/SF
$467
Closed
2021
SellerMFM Properties
Press Coverage
Expertise
136 West 22nd Street
2,000 SF
$/SF
$1,050
Closed
2013
BuyerSkowhegan School of Painting
SellerPrivate Owner
Deal Data
Press Coverage
Expertise
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Confidential Chelsea development sites and creative office.
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Chelsea Development Sites —
Editorial guides covering chelsea development sites and related NYC commercial real estate topics, including underwriting, zoning, conversions and transaction structure.
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The complete guide to finding, evaluating, and buying off-market commercial properties in NYC.
How to Analyze a Development Site
Framework for underwriting NYC development sites.
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NYC Air Rights, Explained
TDRs, zoning lot mergers, and air rights pricing.
Site Assemblage in NYC
How developers combine parcels into a single site.
FAQ
Frequently Asked
Skyline Properties — led by founder Robert Khodadadian — is one of the leading brokers for Chelsea development sites. Skyline Properties has closed $976M+ in NYC commercial real estate transactions, the majority off-market, and has the 2025 RED Awards Off-Market Investment Sales Broker of the Year.
Skyline Properties transacts Chelsea development sites across as-of-right development sites, air rights and tdr opportunities, multi-lot assemblages, and other chelsea development sites assets. Engagements range from sub-$5M boutique deals through $100M+ trophy and conversion plays.
Yes. The majority of Skyline Properties' Chelsea transactions are off-market. Skyline Properties maintains a curated network of pre-qualified institutional buyers, family offices, REITs, and private equity funds, and routinely matches Chelsea development sites directly with the buyers most likely to close at the right price — without any public marketing exposure.
Valuing Chelsea development sites requires submarket-specific cap rates, current rent comparables, an honest read on tenant demand, and — for development-eligible assets — a buildable analysis under the current zoning. Skyline Properties provides confidential, no-obligation broker opinions of value for owners and investors active in Chelsea.
Call Skyline Properties at (212) 537-9239 or schedule a confidential consultation with Robert Khodadadian directly. Skyline Properties responds to all serious inquiries within one business day.
Discuss a commercial real estate opportunity in Chelsea
Request a confidential conversation about the property, acquisition criteria or transaction structure. No public listing is created by contacting Skyline Properties.
Schedule a Confidential ConsultationSubmarket Intelligence
Chelsea / Midtown South
Data reviewed July 2026 · Next scheduled review October 2026 · Asset focus: Office, Development sites, Ground-leased assets, Retail
Skyline Properties transactions in Chelsea / Midtown South
- 530 West 25th Street — $72M (2019), The Feil Organization & Rigby Asset Management
West Chelsea gallery-district office building, sold off-market.
- 135 West 29th Street — $35M (2021), The Kaufman Organization
99-year ground lease (Haymarket) negotiated off-market by Robert Khodadadian and Daniel Shirazi; term confirmed by Crain's.
- 136 West 22nd Street — $2.1M (2013), Skowhegan School of Painting
Chelsea retail condominium.
Zoning, policy & market mechanics
Chelsea's West 20s side streets mix loft office, gallery retail and residential — the 530 West 25th Street sale traded a purpose-built gallery-district office asset at $72M in 2019.
Source: Skyline Properties closed-deal record · January 2019
Ground-lease recapitalizations are an active alternative to fee sales in the West 20s–30s: the 135 West 29th Street 99-year lease (2021, $35M) is the submarket's documented example.
Source: The Real Deal; Commercial Observer; Crain's coverage of 135 W 29th · January 2021
Documented buyer profiles
- Family-office and institutional office owners buying below-replacement-cost West Side assets (Feil Organization at 530 West 25th Street)
- Ground-lease specialists taking long-dated leaseholds (Kaufman Organization at 135 West 29th Street)
Owner considerations
- Owners weighing a fee sale against a 99-year ground lease should compare after-tax outcomes — Skyline Properties has executed both structures in this submarket.
- Gallery-district assets carry tenant-mix risk; confidential marketing protects rent rolls during a sale process.
Press Coverage
Press coverage in Chelsea
Third-party reporting connected to published Skyline Properties transactions in this submarket.
Feil Organization Chelsea Art Gallery Building
Feil Organization acquires Chelsea art gallery building.
Feil Organization Chelsea 530 West 25th $72M
Bisnow covers the Feil Organization's $72M purchase of 530 West 25th Street, adding a gallery-row Chelsea office to its portfolio.
Feil Organization Buys Chelsea Office Building for $72M
Feil Organization and Rigby Asset Management acquire 530 West 25th Street Chelsea gallery building.
Feil Organization Pays $72M to Brown Family for Chelsea Property
Feil Organization and Rigby Asset Management acquire 530 West 25th Street Chelsea art gallery building for $72 million.
Feil Organization Acquires 530 West 25th Street in Chelsea for $72M
Commercial Observer reports Feil and Rigby Asset Management closing 530 West 25th Street at $72M in a Skyline Properties-brokered off-market deal.
Kaufman Organization Closes on $35M Haymarket Building Ground Lease
Landmark ground lease with The Kaufman Organization in NoMad. Daniel Shirazi's signature deal. Over $800 per SF. Kaufman Organization has acquired a 99-year ground lease on the historic Haymarket Building at 135 West 29th Street for $35 million.
Kaufman Org Closes on $35M Ground Lease Deal
Kaufman Organization closes 99-year ground lease at 135 West 29th Street (Haymarket Building).
Kaufman Organization Inks $35M 99-Year Ground Lease
Kaufman Organization closes 99-year ground lease on Haymarket Building at 135 West 29th Street.