540 West 21st Street Update 04/18/24

Chelsea Development Site Trades for $87.4M

A stalled development site, located at 540 West 21st Street in Manhattan's Chelsea neighborhood, has just been sold for $87.4 million. The parcel was purchased by Legion Investment Group, from the previous owner, Casco Development Corp.

The lot spans 20,555 square feet and sits on the corner of West 21st Street and 11th Avenue. It currently features an unfinished foundation from a 20-story, luxury apartment project, which was being developed by Casco and was ultimately canceled after running into financial difficulties. At this time, Legion hasn't announced what it plans to do with the property, but a new residential development is likely in the cards.

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