Somehow, a residential development site near the High Line just sold without its owners managing to turn a profit. Despite the fact that the area is among the hottest in the city for new luxury condos, Property Markets Group only had to pay $40 million to acquire 548 West 22nd Street, which a company called Kilian LLC had purchased in 2007 for roughly the same amount. A 50,000-square-foot, as-of-right mixed-use building could be built at the site. [Crain's; previously]
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