New York Chelsea Club Site Sells for Nearly $8M
What Sold at 229 West 28th Street? At 229 West 28th Street, the asset that changed hands was The Caxton Building, a 12-story pre-war property in Chelsea. It contained roughly 156,000 square feet and dated to 1917. The Manhattan building was known as a former rental structure and, by the time of sale, functioned largely as office space. Sources placed its size between 153,913 and 156,500 square feet. The property sold to Lexin Capital for \$81.5 million on March 3. It also featured 12,500-square-foot floor plates, 11-foot ceilings, and particularly good light and air. Similar to properties benefiting from Class A amenities , the building’s flexible office layout and strong natural light could support tenant appeal. Historic Identity Under Pressure The property also carried a nightlife legacy through its past use as Shadow Nightclub. The venue had been tied to neighborhood complaints. Its history reflected a mix of commercial and entertainment occupancy near Hudson Yards. The building’s...