The Albanese Organization has announced plans for a Cook + Fox-designed, LEED Platinum office building in West Chelsea (pictured). Set to rise adjacent to the High Line on a parcel that was once slated for a Jay-Z-owned hotel, the 9-story, 175,000-square-foot tower will feature 160 feet of High Line frontage and 14- to 20-foot-high ceilings on floor plates ranging from 15,000 to 20,000 square feet.
The $140 million project would be located at 510 West 22nd Street and 10th Avenue. According to Rick Cook, it will “engage” both the High Line and the natural environment with terraces on the north and south sides of the second floor, the 9th floor, and a green roof. Tenant spaces will feature individually controlled HVAC systems. Ground-floor retail space will likely serve as a gallery or event space; local zoning allows for the development of office, retail, hotel, and non-profit museum uses.
In order to break ground, Albanese will first need to secure an anchor tenant that will take 75,000 square feet – at least – with likely asking rents in the vicinty of $80 per square foot, the New York Times reports. “After buying the Chelsea Art Museum building,” Mr. Albanese told the Times, “we were amazed by the corporations who were interested in relocating to West Chelsea, who were looking for an edgy location for their offices as opposed to a typical Midtown building.”
Albanese purchased the site from Highland Capital back in December for $55 million.