616 11th Ave

Developer Cheskel Schwimmer of Chess Builders has entered a $33.2 million contract to purchase a development site at 616 11th Avenue in Hell’s Kitchen. The property, with about 148,064 square feet of development rights, is currently in bankruptcy proceedings. The seller is Robert Gans, with Extell Development, Bluestone Group, and Princeton Real Estate as creditors. The deal involves the acquisition of the entire irregularly shaped parcel and is set to close by March 21. Extell plans to develop the largest parcel across the street. The property has a total buildable area of 162,654 square feet and is zoned for residential use.