Google plans to buy a historic New York building for a $2 billion. Chelsea Market is a multi-use site, including a shopping mall, food hall, office building and TV production facility. These types of commercial real estate transactions can help companies such as Google to accomplish their unique business goals.
The multinational technology company has decided to purchase the Chelsea Market building as part of an impressive expansion plan designed to link up multiple properties that the company already leases or owns in the neighborhood. This will be accomplished by adding above or below-ground pedestrian walkways to connect the properties. Chelsea Market spans more than a million square feet.
Google already leases around 400,000 square feet of space at the property. It will be sharing space in the building with NY1, Major League Baseball and the Food Network. The company also leases Pier 57 from New York City as part of a deal it cut back in 2015. Google’s headquarters are also currently located on Eighth Avenue in the city.
It appears that Google expects its commercial property purchase to go fairly smoothly. However, not all commercial real estate transactions go off without a hitch. The legal aspect of any transaction can be challenging, and making a mistake as a result may end up costing a business owner financially or even cause a seemingly favorable deal to fall through altogether. A New York real estate attorney can offer the guidance needed to complete these types of transactions to one’s benefit in both the short and long term.
Source: nypost.com, “Google to buy Chelsea Market building for $2B“, Bob Fredericks, Feb. 6, 2018