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Alphabet Inc’s Google to pay $2 billion for New York City’s Chelsea Market building

Google Buys Chelsea Market Building

Google whose parent company is named as Alphabet, is about to buy New York City’s historic Chelsea Market building as reported by Real Deal on Tuesday. Google has agreed to pay more than $2 billion for the building as a part of an ambitious expansion plan. Google plans to link up several properties it owns in the neighborhood.

The tech giant, Google which is the largest tenant in the former Nabisco factory at 75th Ninth Ave. which is about 400,000 square feet in the building, is about to buy the property from real estate investment firm Jamestown LP based on Atlanta, reported by the real estate website.

Google’s plans for the building are not yet confirmed but are expected to maintain the status quo at the property’s retail component.

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The 1.2 million-square-foot retail office and retail property will be sharing space with prominent food hall, Major league baseball, the Food Network and NY1, among others. The Ground floor is a winding hallway filled with food shops, restaurants, and wholesalers. This was built in the mid-1990s by building’s mayor Irwin Cohen and architect Jeff Vandeberg.

Upstairs, there are rented offices of internet and television companies like Food Network, Oxygen, and Major League Baseball, and also installed with elevators with décor reflecting each tenant.

Currently, the company’s headquarters is at 111 Eighth Ave. across the street from the market and Google also leases Pier 57 from the city in a deal cut in 2015. The company’s plan is to connect the properties with below-or-above ground pedestrian walkways.

Via: Reuters

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