NEW YORK—Alfa Development and Park-It Management have acquired a development site at 117-119 West 21st Street in Chelsea for $12 million. Currently occupied by a vacant, four-story warehouse, the site offers 44 ft. of frontage nearby Sixth Avenue.

Eastern Consolidated Principals and Executive Managing Directors Alan P. Miller and David Schechtman, along with Senior Financial Analyst Paul Nigido represented the seller, The Arc Building LP, of the site. Eastern Consolidated’s Brian Ezratty, principal and vice chairman, procured the buyer.

Situated between Avenue of the Americas and Seventh Avenue, the site will support a structure of up to 32,489 sq. ft. The new ownership has plans to develop a high-end residential property on the site.

The site is located in close proximity to major national retailers, as well as Chelsea Piers, Madison Square Park, Clearview Cinema and public transportation.