Google Shelling Out $2B for Chelsea Market Building
Google is about to acquire the Chelsea Market building located at 75 Ninth Avenue for an astounding $2 billion or more. The tech company currently leases 400,000-square-feet of the 1.2 million-square-foot structure, which also houses a trendy New York City food hall, Major League Baseball offices, and the Food Network headquarters. An Atlanta-based real estate investment firm called Jamestown has exclusively owned the building since 2011 and is now about to get a big pay day.
Sources told The Real Deal that the billion-dollar transaction is set to close in two months time. At that point, Google could begin edging tenants out whose leases are ending. The Internet giant is staking its claim on the neighborhood since its headquarters are right across the street at 111 Eighth Avenue.
This is New York’s first real estate deal in the billions of 2018, which will give the market a nice boost. Other iconic Manhattan buildings have been making headlines lately, in particular it shook the city when news broke that WeWork is buying Lord & Taylor’s flagship Fifth Avenue store for $850 million.