An investor just paid $41.5 million for a six-story rental building on West 16th Street, The Real Deal reported. The transaction wouldn't seem so exceptional, except that Raphael Toledano, with the help of financing from Madison Realty Capital, has outsized plans for what seems like a very standard property. Toledano wants renovations to result in "the most high-end and most luxurious building in Chelsea." It even has a name alreadyThe Devorah at Chelsea (after his wife)and aspiring rents of $100 per square foot. How is he plotting to upgrade the 39-unit Plain Jane into a Cinderella? (Whose market-rate apartments, by the way, aren't all that cheap right now.)
Toledano told The Real Deal he is going to 1) add two floors to the top of the building, which will hold 12 apartments and eight "penthouses"; 2) add a doorman and a gym; 3) take two current office spaces and turn them into "'townhouse-style' homes with a separate entrance"; 4) add "condo finishes" throughout.
Best of luck to you, Mr. Toledano.
· Chelsea rental building changes hands for $42M [TRD]