IAC Consolidates Ownership of Its Chelsea HQ
The media conglomerate IAC has purchased the land beneath its Chelsea headquarters building at 555 West 18th Street from the Resnicoff family. The $80 million cash deal for the fee fully consolidates the company’s ownership of the property. Previously controlling the site under a ground lease secured in 2004 along with developer Georgetown Company, which developed the site for IAC. The sale offering was one of the few investment sales introduced to the market late last year as investor demand cooled amid rising interest rates.