West Chelsea whets appetites

When the Food Network inked a deal to move its entire operation from midtown to west Chelsea last spring, it marked the end of a twoyear search by the popular cable concern.

It also marked another in a string of important leases that are turning a patch of Chelsea into a thriving mini office district at a time when much of the city's commercial real estate business is still in a slump.

The activity is dominated by two of the largest and snazziest commercial buildings in the area, 111 Eighth Ave. and Chelsea Market at 75 Ninth Ave., the Food Network's new home. The two properties, with a total of nearly 4 million square feet of space, have bragging rights as being close to full in a tough market.

"It's phenomenal, especially considering their size," says Christopher Owles, managing partner at Sinvin Realty Corp., a specialist in downtown leasing. "Even in small buildings, there is a certain vacancy rate."

The ingredients for success in the neighborhood are as simple as location...