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.
Michael Kirchmann’s GDS Development is working to convert two SoHo buildings – five-story 25 Mercer Street and three-story 27 Mercer Street – into one condo project, dubbed 25 Mercer. Before residents move in, some of the spaces got a bit of an artistic touch.
The five-story mixed-use building at 25 Mercer Street and the three-story property at 27 Mercer Street, located in the SoHo-Cast Iron Historic District, are expected to be converted into a single five-unit condominium building, according to Curbed NY. There will be four full-floor units and a duplex penthouse, and the residences are expected to hit the market this spring. GDS Development is developing and Fogarty Finger is designing the project, dubbed 25 Mercer. Alterations that would go into the conversion would have to be approved by the Landmarks Preservation Commission since the property is located within a historic district.