The Caledonia

Address: 450 West 17th Street, New York, NY
Submarket: West Chelsea
Size: 545,000 square feet, 378 residential units
Type: Residential condominium, multifamily and retail
Date Acquired: June 2004
Date Sold: Currently owned by Taconic
Property Website: thecaledonia.com

The Caledonia is a 545,000-square-foot, mixed-use development encompassing 190 high-end residential condominiums, 288 luxury rental apartments (80% market rate/20% affordable), 35,000 square feet of retail space, amenity space, and 200 parking spaces. In June 2004, we purchased this 53,000-square-foot development site, located on 10th Avenue between 16th and 17th Streets adjacent to the High Line in Chelsea, through an off-market transaction. We then relocated numerous existing long-term tenants at the property and advanced the rezoning of the site as part of the West Chelsea rezoning plan. Within a year, the combination of the rezoning initiative and the purchase of air rights from neighboring properties resulted in the approval of a 545,000-square-foot residential condominium/rental building. All condominium units have been sold while the rental property is considered one of the best in Chelsea.

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