R
obert Moser, a self-storage investor, is purchasing a discounted West Chelsea office building to convert it into a storage and office property. Moser's Prime Group Holdings is set to acquire the Ironworks building at 511-541 West 25th Street for $50 million, a significant decrease from the $148 million paid by the previous owners in 2019. Moser, along with partners from Empire Capital Holdings, plans to create a combination of self-storage and traditional office space in the building. The property lost value after WeWork, its major tenant, vacated the premises. This shift in usage reflects a trend of repurposing office buildings due to the current market conditions.