The previous Bungalow 8 nightclub is ready to develop into housing — not bungalows, although.
Rodney Sani of Oxford Belongings filed plans for a 16-story, 62-unit luxurious condo mission at 515 West twenty seventh Road, Crain’s reported. The present one-story constructing on the web site could be demolished for the 18,000-square-foot improvement.
The mission will embody 240 sq. toes of ground-floor retail area, roof terraces and bike parking. The timeline for the West Chelsea mission will not be clear and Sani didn’t reply to a request for remark from Crain’s.
The allow submitting was first reported by New York Yimby.
The property nonetheless must commerce palms, although that seems to be imminent, in accordance with Meridian Capital’s David Schechtman. The client is in contract to buy the positioning at an asking value of $5.9 million; the deal is anticipated to shut subsequent month. The vendor is Star Realty 515, which has owned the constructing for many years.
Amy Sacco launched Bungalow 8 in 2001, opening an unique membership that catered to the wealthy and well-known. Celebrities frequented the membership, which prohibited pictures, sustaining privateness and a shroud of secrecy. Sacco in the end launched golf equipment in a number of worldwide cities, however none survived lengthy; the New York Metropolis location closed in 2009.
Sani’s transformation of the legendary membership venue isn’t the one housing improvement unfolding in West Chelsea.
Within the fall, Victor Sigoura’s Legion Funding Group landed a $155 million construction loan from Eldridge Actual Property Credit score — the actual property investing arm of Eldridge Capital Administration — for a 23-story, 83-unit apartment mission at 550 West twenty first Road.
Sigoura, who’s partnering with AVRS Companions on the mission, purchased the positioning out of chapter a yr and a half earlier for $87 million. Situated throughout from Chelsea Piers and overlooking the West Aspect Freeway, the mission is pacing in the direction of a mid-2027 completion.
Learn extra
Legion snags $155M construction loan for West Chelsea condos
Victor Sigoura picks up site of failed West Chelsea condo for $87M
Amy Sacco and Bungalow name are barred from Meatpacking, how the upgrade to Madison Square Park changed NoMad … and more
