Terminal Warehouse Update 11/08/21

Redevelopment Work Underway for Historic Chelsea Warehouse

General contractor, , has already begun work on the massive Terminal Warehouse building in Manhattan's West Chelsea neighborhood. The historic structure is undergoing a complete restoration and office conversion that will give the building a new life, and preserve it for future generations.

Back in July, developers, , and Columbia Property Trust closed the deal on a $1.25 billion construction loan. To secure this, CBRE had to arrange a financing syndicate, consisting of BlackstoneKKRGoldman Sachs, as well as Oaktree Capital Management, and Paramount Group

The project will convert  square feet of storage space into office space and sqft of retail (and restaurant) space will be added inside the structure. A new courtyard will also be built near the center of the warehouse, containing multiple landscaped terraces.

As part of the redevelopment, and in addition to the restoration, the existing warehouse will receive a 6-story addition. This will increase the building's floor count to stories, and boost the total square footage to around 1.2 million square feet.

Restoration design efforts are being led by . These plans will reveal the building's original wooden framework (which dates back to 1891), and preserve as much of the structural brickwork as possible. A 670-foot long train tunnel that runs the length of the first floor will also become an integral component in the overall layout and design.

  

Taking up an entire city block, Terminal Warehouse was built as a freight transfer facility for the New York Terminal Warehouse Company in 1891. Located right near the Hudson River, the warehouse provided convenient connections for NYC's inbound and outbound shipments, allowing a link between cargo ships, trains, and delivery trucks. While the warehouse is no longer needed for its intended purpose, it's refreshing to know that its aesthetic charm from a bygone era won't be going away anytime soon. Construction is expected to finish by the end of 2023. 

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