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Troubled High Line Eyesore Sells for $7.3 Million

The frozen concrete shell at 508 West 20th Street had a murky past and an uncertain future. Now things are a bit clearer for the mysterious stalled site, which is highly visible in West Chelsea because it borders the High Line where Section 1 ends. The Wall Street Journal reports that Sherwood Equities has paid $7.3 million in cash for the property, and plans to eventually build a one-story restaurant or gallery with a roof deck (for now the site may be used as a parking lot). Why would a big developer?one responsible for the Times Square M&M Store?take on something so small? New zoning along the High Line allows Sherwood to transfer unused development rights to other sites in Chelsea, so the company will save those bonuses for later.
· Deal Elevates High Line Area [WSJ]
· Mysterious High Line Building is Losing Its Head [Curbed]