The building housing Chelsea Market, a longtime fixture for New York City, was just bought by Google. Instead of perturbing the future of this iconic landmark, though, the acquisition could actually help Chelsea expand to other locations worldwide.
Photo: Steve Isaacs // Wikimedia Commons
The Wall Street Journal reports that the building Chelsea Market was housed in was purchased for $2.4 billion. The 1.2 million square foot office building includes the market plus 300,000 square feet of development rights. Google gets all of that from the building’s previous owner, an investment management firm called Jamestown. However, Jamestown will be keeping the rights, branding, and ability to operate the downstairs market.
In addition, the influx of cash from the sale is allowing Jamestown to consider other spots to open up new locations of Chelsea Market. The firm is currently scouting “emerging neighborhoods” around the globe, and hopes to announce at least one place to set up a new market in by the end of 2018.
This won’t necessarily mean that we find iconic NYC food destinations in somewhere like Belgium. However, it opens up the opportunity for folks in other parts of the world to come into an established brand, set up their own food business, and hopefully, flourish as a result.