By Sarah Trefethen
Jamestown Properties has purchased an eight-story building on the High Line in Chelsea for more than $248 million, city records show.
The property, at 450 15th Street, is home to the photography studio Milk Studios. Jamestown purchased it from Stellar Management, which paid $161 million for the building in January of 2008, according to city records.
Georgia-based Jamestown is the owner of Chelsea Market, also located on 15th Street. In November, the city council approved the company’s plans to further develop the market property with two office buildings: an eight-story, 210,000 s/f building along 10th Avenue, and a seven-story, 80,000 s/f building along 9th Avenue.
City records indicate Jamestown purchased the 450 15th St. property with the help of $150 million in financing from Stellar, the seller in the deal.
Douglas Harmon and Adam Spies of Eastdil Secured marketed the building, according to published reports.
Jamestown representatives did not respond to a request for comment on their plans for the property.
