Listed by Avison Young - New York
Unpriced
548 & 554 West 28th Street
Details
Property Type Retail, Office
Sub Type Executive Office, Commercial
Square Footage 102,137
Buildings 2
Stories 6
Retail | 102,137 SqFt
Marketing description
Avison Young, as the exclusive agent, is pleased to present for sale 548 West 28th Street and 554 West 28th Street (the “Properties”), two adjacent buildings with block-through frontage in the heart of West Chelsea. Together, the Properties comprise 102,137 gross square feet across a six-story office building and an adjacent retail building.
Investment highlights
- An architecturally historic 97,200 GSF six-story office building and a 4,937 GSF retail building
- Curb cuts along West 27th and West 28th Street
- Located in the West Chelsea Historic District
- Flexible zoning allows for a multitude of uses: office, gallery, residential, commercial, etc.
- WALT of 2.67 years, offering stable cash flow and near- term rollover upside
- Base Residential FAR of 5.0x with ability to increase to 7.5x with Qualifying Affordable Housing or CB4 IH Certificates
- Block through with 200' of frontage along W 28th St and W 27th St
- In place Historical Tax Credits
- Market rents in the neighborhood are ~$100 psf and condo sellouts are over $2,000 psf
- Premier West Chelsea location adjacent to the High Line, Hudson Yards, and Chelsea Art District
- Surrounded by luxury residential developments, cultural institutions, and global art galleries
- Walkable to dining, entertainment, and retail destinations such as Chelsea Market, The James Beard Foundation’s Market 57, and Hudson Yards’ retail corridor
Listing Contacts
Listed by Avison Young - New York
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