Google acquires New York's Chelsea Market for $2.4bn

By Pouyan Broukhim

Google has announced that in an expansion of its property along New York's Hudson river, the company has acquired the city's Chelsea Market from Jamestown Properties in a deal worth $2.4bn.

"This purchase further solidifies our commitment to New York, and we believe the Manhattan Chelsea Market will continue to be a great home for us and a vital part of the neighborhood and community," said David Radcliffe, Vice President of Real Estate and Workplace Services at Google.

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A significant reason for Google's purchase is the location of the property, being adjacent to the company's New York headquarters at 111 Eighth Avenue, previously bought by Google for $1.77bn back in 2010.

The complex consists of 1.19mn square foot that currently includes a shopping and food hall.

"With our purchase of the building, we’ve agreed to work together with Jamestown to ensure a smooth transition with little or no impact to the community and tenants of the building," Radcliffe continued.

"As part of this effort, Jamestown will continue to manage the retail and food hall."

The value of the deal marks a significant profit for Jamestown Properties, having acquired Chelsea Market for just $280mn from Nabisco factory 15 years ago.

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