GDS Development has acquired an additional 7,410 square feet of air rights for their planned condominium development at 500 West 25th Street, in West Chelsea. The air rights were purchased from Brookfield and Related. Valued at $685 per square foot, GDS’ additional investment totals about $5.1 million.
GDSNY will oversee building design in collaboration with architect of record GF55 Partners. Outdated renderings up above do not portray the project since the announced expansion.
Demolition began in 2016 to make way for the new condo building. According to filings, the development will contain 22,000 square feet of condominiums including nine total apartments, along with 2,650 square feet of area for retail use on both the cellar and ground floor levels.
Today, second through eight floors will contain one apartment each, topped by a penthouse duplex and a roof deck.
The project has replaced Eduardo Kobra’s iconic adaptation of “V-J Day in Times Square”, originally photographed by Alfred Eisenstaedt in 1945. An existing four-story residential building and an adjacent one-story auto shop have already been razed to make way for the new building.