West Chelsea continues to be a hotbed of potential new development, with nonprofit Atlantic Foundation selling a property at 540 West 21st Street ripe for a residential conversion that could be worth as much as $45 million. The broker marketing the site says a buyer could purchase air rights from neighboring developers and build a 250-foot tall, 23-story structure there, with commercial space at the bottom for an art gallery or somesuch. It's not the first time nonprofits have cashed in on this building boom, and it probably won't be the last. [Crain's; photo via PropertyShark]
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