Halcyon Asset Management recently picked up a set of two properties next to the High Line for $48 million, 511 West 25th Street and 521-541 West 25th Street, according to city records.
So is the firm, as are so many landowners in the neighborhood, planning to shed the former industrial buildings-turned art galleries for new high-end apartments on the site?
Not quite, says Halcyon COO Thomas Hirschfeld.
“We are considering offering the current tenants the opportunities to buy,” Mr. Hirschfeld said. The tenants—many of which are art galleries (a list of all galleries on West 25th here)—may be able to purchase their space as office condominiums, Mr. Hirschfeld said. Such a move would make a residential development on the site far more unlikely in the long-term.