Luxury Condos to Replace Chelsea Building After $19.3 M. Sale

On Sept. 15, while the rest of the world was preoccupied with the demise of Lehman Brothers, Bank of America’s acquisition of Merrill Lynch, and AIG’s request for a government loan, at least two parties in this city went about business as usual.

A buyer affiliated with Anbau Enterprises bought the diminutive, five-story 124 West 23rd Street from Franpearl Equities Corp. for $19.3 million. The building last traded in 2004 for $10.6 million.

According to Anbau’s Web site, "The plan is to construct a new 16-story building containing approximately 34 luxury residences, each with high-quality finishes and attractive city views. Anbau is set to deliver unique, flexible spaces tailored to this vibrant community."

Anbau’s other projects include the residential conversion of 110 Central Park South and Loft 55. Question is, have they been able to get financing for the project in these days of frozen credit? And if they do build the luxury building, will anybody come?

Luxury Condos to Replace Chelsea Building After $19.3 M. Sale