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Equity Residential acquires Chelsea stalled project site

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Sam Zell, chairman of Equity Residential
Equity Residential only just entered the New York multi-family market in mid-2004, but Sam Zell’s Chicago giant is now taking on the city with haste. The company, which announced earlier this week that it had acquired the last three Harry Macklowe rental towers, bringing its New York properties total to 26, said yesterday that it is also planning to build 111 market-rate apartments and 10,000 square feet of retail space near the High Line in Chelsea. Equity Residential acquired the site, at the southwest corner of 10th Avenue and 23rd Street, after the project there had been stalled for almost 18 months. The investor “had completed the foundations out of pocket but was unable to get financing to go vertical,” Equity Residential said in an earnings conference call yesterday.