March 24, 2015
*Structural Design by ADG Engineering
Back in January, we reported on B+B Capital’s plans for a cantilevering 11-story building, designed by ODA Architecture, at 251 West 14th Street in Chelsea. The 11 units were anticipated to open for sale this fall, with pricing from $3 million.
Now, it appears that site between Seventh and Eighth avenues is on the market, for an undisclosed asking price.
251 West 14th Street is currently home to a vacant four-story 1920s walk-up measuring about 8,250 square feet, with 6,773 square feet of air rights, according to the Ariel Property Advisors listing. The total as-of-right buildable area is 24,000 square feet; the owner secured an additional 8,977 square feet of development rights with the option of cantilevering over the adjacent property at 253-257 West 14th Street.
Permits were filed in September for an L-shaped building with full-floor units ranging in size from 1,700 to 2,500 square feet, including a duplex penthouse with private outdoor space. The plan exam application was disapproved in January.
B+B’s original proposal called for two-bedroom to four-bedroom units, with 10-foot ceiling heights and private elevator access. The structure was supposed to rise between two old tenement buildings, with the top three levels extending over its shorter neighbor. Amenities would include a doorman, roof deck and bike storage.
The developer purchased the property from the Church of Our Lady of Guadalupe at St. Bernard in March 2014 for $7.5 million.
The listing notes that the area’s zoning allows for residential, commercial or hotel use and that upon approval, the plans may be “amended to suit an investor’s specifications,” so maybe this site won’t become condos.