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225 West 17th Street, HOUSE
New York, NY 10011
Chelsea

Off Market

Property Type
House
Estimated Size
N/A
Price per ft²
N/A
Bedrooms
0 Bedrooms
Bathrooms
0 Bathrooms
Home Style
TH Single Family
Common Charges
N/A
Taxes
N/A
Tax Deduction
N/A
Financing Allowed
N/A
New Development
N/A
Building
225 West 17th Street
Building Year
N/A
Building Floors
6 floors
Building Units
N/A
Middle School
104
Elementary School
PS 11
Days on RealDirect
N/A

This offering represents the opportunity to acquire an approximately 33,188 square foot building in the heart of Manhattan?s vibrant and established Chelsea neighborhood. Located just steps away from great destinations including Chelsea Market, the High Line, and prime retail corridors along Seventh and Eighth Avenues, the site presents a rare availability in an incredibly sought after area for a residential conversion, commercial investment or headquarters for a major brand.

Currently, the site is improved as a six-story office building with ground floor retail. With the majority of the property owner occupied, a buyer has the ability to begin substantial renovations or conversion plans immediately upon acquisition. The fourth floor tenant occupies the entire floor on a lease until August 2015. The fifth floor is currently occupied by a tenant with a near-term lease expiration in December 2013. The sixth floor is currently vacant. Both existing tenants are paying significantly below market in a Midtown South office submarket that is commanding rents of over $60 / RSF. Creative tenants including Google, Red Bull & Microsoft have taken large blocks of space in the immediate area, what is now being dubbed ?Silicon Alley.? In addition, the subject property is adjacent to the record-setting residential conversion Walker Tower, which is selling out at a blended $3,500 / SF.

The Midtown South office market?s emersion, coupled with the unique opportunity for a sizeable residential conversion in a supply constrained market, make 221-225 West 17th Street a highly coveted asset.

Features

  • Home office
  • Livework
  • Investor
  • Bright

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Mortgage Amount

$550,000

This property allows up to 0% financing. You may need to increase your down payment.

Mortgage Payment

$2,200

Total Monthly Payment

$2,900

Listing History

April 3, 2015 Delisted $29,500,000
April 2, 2015 Delisted $29,500,000

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