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Google Deal Sealed: Chelsea Market Is Off the Market | Chelseanow.Com Google Deal Sealed: Chelsea Market is Off the Market | chelse... http://chelseanow.com/2018/03/google-deal-sealed-chelsea-mar... Home Calendar Contests & Sweepstakes Our Staff In Print Get updates Ad Info Search in site... Classified Advertising Jobs City Reopens Its Google Deal Sealed: Chelsea Health Chelsea Market is Clinic Off the Market BY DUNCAN OSBORNE BY WINNIE McCROY | In | Three years after its… a move that… HOME NEWS EDITORIAL HEALTH WHY PINK? ARTS SPECIAL SECTIONS JOBS ADVERTISE Calendar Contests & Sweepstakes Our Staff In Print Get updates Ad Info Classified Advertising Jobs Friday, March 23, 2018 Socialize Google Deal Sealed: Chelsea Market is Off the Market Added by Scott Stiffler on March 21, 2018. Share This Post Saved under News 13 Tweet Like Sponsored Content Snowflakes flew when photographer Christian Miles visited Chelsea Market; not during the storm of March 21, but on February 7 — one day after news broke that Google was likely to purchase the iconic building (a deal sealed this week). | Photo by Christian Miles BY WINNIE McCROY | In a move that cements Google’s commitment to the West Side tech corridor, the Internet giant announced on Tues., March 20 their purchase of Chelsea Market from Jamestown for $2.4B. The two companies have agreed to work together to ensure a smooth change of ownership, with Jamestown retaining its role as a manager of the building’s retail and food hall presence. Google was already the largest tenant in the 1.2 million-square-foot former Nabisco factory complex, having leased about 400,000 square feet of space. In 2010, Jamestown sold Google their headquarters at 111 Eighth Ave. (directly across from Chelsea Market) for $1.77B. Their New York offices have grown to about 7,000 employees from more than 70 countries, with large 1 of 3 3/23/18, 10:17 AM Google Deal Sealed: Chelsea Market is Off the Market | chelse... http://chelseanow.com/2018/03/google-deal-sealed-chelsea-mar... teams focusing on projects. “It’sFROM been OUR eight SISTER years since NEWSPAPERS we purchased [111 Eighth Ave.], but not before taking on additional GAY CITY NEWS space as a tenant in Chelsea Market and 85 10th Ave. Today, we’re excited to announce we’ve closed a deal with Jamestown Properties to purchase the Manhattan Chelsea Market building for $2.4THE billion,” VILLAGER said David Radcliffe, Google VP of Real Estate and Workplace Services,Soderbergh on the Bets Again on the Movie House Google blog. From park pier to horizontal ‘office building’ Now, Parade Is For All Who Choose to Be Irish Back then, local preservationists and other concerned community members said it was only a Murder and Other Games matterDriven of time by Chrysler before Google Building expanded rent, Cooper their footprintU. is on road to Chelsea back to Market free . These fears were intensified when, as part of a broader effort to add to the city’s inventory of availableCity Reopens office Its Chelsea Health Clinic space,Epstein Jamestown Assembly convinced ready as the election city to setchange for April zoning and approve a 300,000-square-foot addition to Chelsea Market. Now, those fears have come home to roost among critics who feel Slow down L shutdown Appeals Court Finds Sex Bias in Trans Funeral Director’s Firing the deal undercuts the High Line, which will be cast in shadows should Google go vertical. Search success: Google seals deal for Chelsea Market building In a February 2018 interview with this publication, Save Chelsea’s David HolowkaEAST (whoVILLAGER is also NEWSa member of Community Board 4’s Waterfront, Parks & Environment Committee) expressed concernDOWNTOWN that “…if EXPRESS they [Google] are allowed to build out their development rightsAmong directly powerful about friends, Chin enters her second term the High Line and Pier 57, they will be sending their employees to work directly above two public parks,”Honoring adding America’s in a March first 20 synagogue phone interview, “We hope they would consider doingTop cop [vertical says special unit, outreach can cut thefts expansion] where it will have less impact on the [High Line] park.” Holowka also said that “Jamestown’sA snow day ‘multiple-block MIRACLE! Wedding technology band corridor’ goes missing seems in like snow, part of a vision that’sMuscle-headed been around gym keeps flouting regs with illegal signage for fiveDowntown plus years. neighbors Their promise help find to it do that may have had a bearing on securing rights to the Judge says city broke the law by approving N.Y.U. superblocks plan space directly above Chelsea Market and the High Line [back in 2012].” Police Blotter: Week of March 22, 2018 De Blasio seems on same page with evicted news vendor Transit Sam: Week of March 22, 2018 Jamestown, a German Hunting for Easter Eggs in the Tale of Trump’s Relentless Rebirth investment and management HOME CALENDAR CONTESTS & SWEEPSTAKES OUR STAFF IN PRINT GET UPDATES AD INFOcompanyCLASSIFIED ADVERTISING JOBS RSS ↑ CHELSEANOW.COM focused on chelseanow.com | NYC Community Media, LLC || ONE METROTECH,income- 10TH FLOOR| NYC, NY 11201 | PHONE: 212.229.1890 ©Chelseanow.com (Copyright 2017). Unauthorized use and/or duplication of this material without producing real express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts estate in the and links may be used, provided that full and clear credit is given to Chelseanow.com with US, this long appropriate and specific direction to the original content. game is all part of business. Now, Jamestown stands to make a huge profit from their original investment of $225M in 2011. This billion-dollar- plus trade is expected to boost the city’s investment- sales market. “For Jamestown, this is the highest profile example to date of our unique approach to creating value, but it’s consistent Google owns the building, but they’re walking hand in hand into the future with with Jamestown, by retaining their role as management for Chelsea Market’s retail and food transformative hall elements. | Photo by Christian Miles projects we’ve successfully undertaken across the country,” said Michael Phillips, President of Jamestown. “It’s a combination of identifying underutilized locations, creative and visionary repositioning, value- creating management, rigorous financial analysis, and patience.” 2 of 3 3/23/18, 10:17 AM Google Deal Sealed: Chelsea Market is Off the Market | chelse... http://chelseanow.com/2018/03/google-deal-sealed-chelsea-mar... It took about 15 years of patience. In 2003, Jamestown purchased a 75 percent interest in Chelsea Market, transforming the site by adding a food hall and focusing on attracting tech, media, and other creative tenants to the upper floors. Now, Chelsea Market is visited by more than 500,000 locals and tourists every month. The food hall has made the property extremely attractive; so much so that Google has said they won’t alter the retail aspect at all. (It is unclear how the sale will affect upstairs tenants, including the Spectrum news channel NY1, the Food Network, and Major League Baseball — which has a lease there until 2022.) “Chelsea Market is a cornerstone of the Chelsea-Meatpacking district, and has been serving the local community for over 20 years,” Radcliffe said. “The iconic ground floor market attracts visitors from all around the world and provides a great experience for foodies and shoppers alike. With our purchase of the building, we’ve agreed to work together with Jamestown to ensure a smooth transition with little or no impact to the community and tenants of the building. As part of this effort, Jamestown will continue to manage the retail and food hall.” Despite community concerns, many locals attest that both Jamestown and Google have been good neighbors, by creating the Hudson Guild Tech Up Lab and coordinating efforts to preserve the Julien Binford mural (“A Memory of 14th Street and Sixth Avenue”) that was removed when the building that housed it was slated for partial demolition. “This purchase further solidifies our commitment to New York, and we believe the Manhattan Chelsea Market will continue to be a great home for us and a vital part of the neighborhood and community,” Radcliffe said in the statement. “We’re proud to be part of a city that’s a cross section of so many industries and cultures, and as we look ahead to the next 18 years and beyond, we’ll continue to invest in our growth and commitment to the city.” 1 Comment Sort by Newest Add a comment... Jared Goldstein · New York, New York I am glad that google is keeping the Chelsea Market open. Is it permitted for them to connect directly to the highline? Like · Reply · 17h Facebook Comments Plugin 3 of 3 3/23/18, 10:17 AM.
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