NEW YORK--(BUSINESS WIRE)--A joint venture, headed by Casco Development Corp., has acquired 540-548 West 21st Street in Manhattan from The Atlantic Foundation. The new owner plans to develop the property as a new first-class residential condominium building with ground floor retail space.
“We are excited about this new project and very confident in the strength of Manhattan’s high-end residential market, especially in and around West Chelsea and the High Line,” said Uri Chaitchik, a principal of the new owner’s company. “We expect to commence construction this year and are committed to building a sustainable environmentally friendly development that is ‘green’ and LEED certified.”
The principals of the new owner have extensive experience in developing and operating luxury residential projects in New York and other major cities throughout the world, including Berlin and Tel Aviv.