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Conversions of the Future

The nonprofit Atlantic Foundation just sold a West Chelsea building for $50 million. The property—at 540 West 21st Street, near the West Side Highway—hit the market back in October, and can hold a 250-foot tall building, 70,000-square-foot building, though it could be even larger at 100,000-square-feet if additional air rights are arranged. Currently, the Atlantic Foundation uses the space to house the nonprofit Eyebeam Gallery, which will be relocating to Brooklyn. The buyer is foreign investor Uri Chaitchik. [Crain's; previously]