Teaming with an established developer, broker Michael Shvo said he outbid a score of competitors to buy the site of a gas station in the burgeoning art district, overlooking the High Line park.

The gas-station sale set a record price per square foot for a development site in Chelsea. It was listed for $18.95 million, but sold for far more, $23.5 million, or close to $800 per buildable square foot, according to Ran Korolik of Victor Homes. He said negotiations are under way over additional air rights, writes The Wall Street Journal.