Wolfe Landau’s Watermark Capital Group is converting the former Barneys retail space at 101 Seventh Avenue in Chelsea into a 44-unit rental building with ground-floor retail. The firm acquired the 57,000-square-foot property from Regency Centers and secured a $10.5 million loan from Northwind Group for the purchase and pre-development. The project will use the 467m program, requiring at least 25% of units to be permanently rent-stabilized. The property has favorable zoning and a 120-foot frontage. Barneys occupied the site until 2019; it was briefly a Spirit Halloween in 2021. Watermark is also behind a major conversion in Dumbo.
Wolfe Landau’s Watermark Capital Group
