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The Rising Cost of Gas: High Line Mobil Goes for $60M

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Even in these uncertain times, one formula never fails: Meatpacking District + High Line = gold mine. And so the Mobil gas station and its somewhat beloved Chelsea Car Wash along Tenth Avenue (between 14th and 15th Streets) have been sold for around $60 million. The property had been dangled on the market as a potential high-end strip mall (above), so news of the sale is not surprising. The Post's Lois Weiss has the details of the deal, which will likely end with the land being cleared for "numerous 1,500-foot storefronts," according to a retail broker. Interestingly, the property was sold by Erez Shternlicht, the owner and operator of nearby Milk Studios. Last year, he sold another MePa building for $160 million, so those on his holiday gift list should consider themselves very lucky.
· Mobil Fuels Sale for $60M [NYP]
· CurbedWire: No Gas Fumes for High Line [Curbed]