$43,300,000
$52,000,000
16.7%For more information regarding the value of a property, please contact us for a free consultation.
40,926 SqFt
SOLD DATE : 03/28/2019
Key Details
Sold Price $43,300,000
Property Type Cond-op
Sub Type condop
Listing Status Sold
Purchase Type For Sale
Square Footage 40,926 sqft
Price per Sqft $1,058
Subdivision Chelsea
MLS Listing ID PDES-3127532
Sold Date 03/28/19
Style Prewar
HOA Y/N No
Year Built 1891
Property Description
Prime West Chelsea Commercial Building for Sale
Ideal for Investor, Developer or End User
555 West 25th Street is a stately, six story, prewar loft building in the heart of the West Chelsea Art District and a few blocks from Hudson Yards. The property offers a rare opportunity for either an Investor or Developer/End User to buy an asset in one of the most vibrant new development areas of Manhattan. With 51,301 rentable square feet, it is currently an office and gallery building with a stable roster of tenants. However, the property could be repositioned in a few years into a higher end art showroom building or boutique creative office building, or converted into a corporate headquarters or a boutique hotel.
For the Investor, the building offers a turnkey property with significant upside in rental income. Many of the current leases are significantly below market, and most come up for renewal within the next three years. If new leases are negotiated at market rents for the area, operating income could rise roughly 60% by 2021.
For the Developer or End User, there is the option for the building to be totally vacant by June of 2021. Until then and while redevelopment plans are being approved, the building will generate over $4 million in net operating income from existing leases in place.
Located in the heart of the West Chelsea Art District, this building boasts as neighbors the world- renowned art galleries and many of the leading art dealers. Just on 25th Street, the building is just steps away from Pace, Marlborough, Cheim & Read, Chelsea Arts Tower and the future Pace Art tower. This block of West 25th street is among the best in West Chelsea with high foot traffic and easy access to the High Line. It is also just two blocks away from Chelsea Piers, Hudson River Park and cross-town bus, three blocks to C/E subway line, and five blocks to Hudson Yards and new 7 subway line.
Location
State NY
County Newyork
Building Detail https://www.elegran.com/nyc/buildings/555-w-25th-st&sold-listing=true
Interior
Fireplace No
Exterior
Private Pool No
Building
Story 6
Others
Ownership Condop
Pets Description No
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RLS Data display by Elegran | Forbes Global Properties