Google Is Likely Buying Chelsea Market Building for More Than $2 Billion

Google is close to purchasing Chelsea Market for more than $2 billion. Already the largest tenant in the building, the massive technology corporation will likely take over more space, though has not shared its exact plans for the building at 75 Ninth Ave. between 15th and 16th streets, The Real Deal reports. It is unclear if Google has any plans to change the market and food hall portion.

Long home to New York City’s most famous food hall, Chelsea Market is a huge draw for both tourists and locals looking for varied cuisines and groceries. But upstairs from the public portion, Food Network, Major League Baseball, and more companies lease space in the 1.2 million-square-foot building — of which Google takes up more than 400,000 of those square feet.

The deal is about to go under contract and should be closed in two months. Right now Jamestown owns the building. Once the deal goes through, they’ll make a huge profit from the sale: The investment and management company bought out the original partners in 2011 for $225 million, far less than the $2 billion Google is reportedly paying them for it. The building was worth $800 million back in 2011.

Eater has reached out to Jamestown and Google for more information.

• Google buying Chelsea Market building for $2B+ [The Real Deal]