156-158 Seventh Avenue
Development Site
Marketing description
156-158 Seventh Avenue is a single-story retail building in the heart of Chelsea, one of New York’s most vibrant residential and shopping neighborhoods, that may be redeveloped into a larger commercial property or a 12+ story residential building on Seventh Avenue on one of Chelsea’s most visible blocks.
Judson CRE LLC as exclusive agent, is pleased to offer for sale 156-158 Seventh Avenue, a single-story commercial property on a 3,680 square foot lot. With an as-built FAR of 0.94, the lot is zoned C6-3A (R9A equivalent) with a 6.0 FAR for hotel, office, community facility, retail or any variation of mixed-use and 7.52 FAR for residential. This brings the total BSF for development to approximately 22,080 square feet and 27,674 square feet respectively, with the ability to add another approximately 1.0 FAR for residential through the Inclusionary Housing Program (IHP) by acquiring CB4 air rights.
The site features 46’ of valuable retail frontage on Seventh Avenue between West 19th and West 20th Streets. With a maximum building height of 145 ft., new developments must set back 10 ft. from Seventh Avenue and 15 ft. from West 19th Street.
Chelsea is a vibrant Manhattan neighborhood known for its art galleries, stylish boutiques, and the popular High Line park that runs above the city streets. It blends historic architecture with a lively dining and nightlife scene, making it a cultural hub in New York City
Investment highlights
- 22,080 total buildable square feet with Commercial FAR.
- 27,684 total buildable square feet with Residential FAR and 31,280 maximum ZFA with IHP FAR.
- Ideal opportunity for boutique Office, Hotel, Rental, or Condominium building.
- 46’ of frontage on Seventh Avenue provides continuous exposure for ground floor retail.
- Recent comparable sales for Retail Properties have exceeded $2,500/Sq. Ft. and Development Sites have surpassed $406/Sq.Ft.
- Easy access to F M 1 A C E L subway lines and PATH.
- Close proximity to High Line, West Side Highway, Chelsea Piers, Meatpacking District, Flatiron District, and Union Square.
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