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Chelsea Building Sells

Building and Air Development Rights Sell as a Package
By Kelly Loper
March 26, 2002 | 4:05 P.M.

Jeffrey M. Brown Associates purchased 62-66 Ninth Ave. in New York City. The sale included the original structure and a substantial undisclosed bundle of air rights. The buyer plans to develop luxury condominiums. The 6-story, 30,000-square foot manufacturing/warehouse building is located across the street from "Chelsea Market" in New York's meatpacking district. Preliminary development work has already begun. Angelo Spateri, senior managing director of Aspen Capital, lead the brokerage team of Miriam Trink and Jack Reiss for this transaction. Aspen Capital represented the buyer/developer, the seller of the building and the seller of the air development rights.

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