CityRealty Insider > New Developments in the News

New Developments in the News

AUGUST 29, 2011

Former Toy Building to get luxury residential makeover; No bids on site of failed Chelsea condo/gallery dreams

The Witkoff Group has acquired the showroom building at 1107 Broadway at 24th Street, part of the former Toy Center, for a $190 million winning bid in an auction for seller Lehman Brothers. In partnership with Morgan Stanley, the organization intends to create 145 luxury condominium apartments in a $290 million conversion. Lehman Brothers sold its majority stake in the other Toy Center building at 200 Fifth Avenue—home to popular Italian food marketplace Eataly and a Tiffany & Co. store—to a real-estate fund run by J.P. Morgan in June.

A 5,000-square-foot vacant lot at 552 West 24th Street in Chelsea failed to attract a single bidder at a foreclosure auction. It’s unclear why the property had no takers, given its location a mere stone’s throw from the newly opened High Line Phase 2 and adjacent to the Annabelle Selldorf-designed condo tower at 200 Eleventh Avenue. The lot’s owner—who had planned for the space to be home to a sleek new condo development called Sky Galouse and gallery space—has filed for bankruptcy. Ownership of the property will revert to its lender, Paradigm Credit Corp.

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