Chelsea Market is 1.2 million sqft. 111 8th Ave is 2.9 million sqft, and the fourth largest building by floor area in all of NYC. Not only is Chelsea Market much shorter on average than 111 8th Ave, its land area is smaller as well. The buildings themselves are also older and less modern, thus worth less. 111 8th Ave is an absolute tank of a building.

We got an excellent post-recession deal on 111 8th Ave. Chelsea Market looks to be at booming economy rates, hence paying about the same amount of money for much less.

Additionally, unlike other buildings in NYC with similar floor space, 111 8th Ave is not a skyscraper, which makes it more practical and useful, and much cheaper in maintenance.

Plus you can get around all day just taking the stairs, which frequently saves time.

There are not enough elevators in that building, especially on the 9th avenue side.

Four more are in the works, just being held up by the city's permitting process.

The building was originally not built as an office space, which is painfully obvious when you consider that it had more freight and truck elevators than people elevators.

Maybe better for employee's health. >95% of people shouldn't require an elevator working in that building. Being forced to walk 5 floors instead of taking the elevator can have positive effects

The number of people in that building is too high for the stairs.

Not true at all, especially not after the construction of Stairwell J. You almost never see any sort of crowding on the stairs. You see crowding at the elevators frequently.

Chelsea Market has a lot of unused FAR, I think 300,000 square feet or more. Also not landmarked so easier to redevelop.