192 Eighth Ave

Marcus & Millichap is pleased to offer the following prime location development opportunity in the heart of Chelsea. Located between 19th and 20th Streets, 192 Eighth Avenue contains two floors of residential units above one commercial unit. The 25 x 100 foot property is built full on Block: 0798 Lot: 0060. The property is zoned C1-6A (R7A Equivalent) with the ability to build up to 10,000 square feet of residential and commercial use. This opportunity offers investors a chance to own and redevelop in the heart of Chelsea, one of the city’s most desirable neighborhoods. As it stands, the subject property is a vacant three-story mixed-use building with the need for building wide renovations. All of the apartments are free market, and will be delivered vacant along with the 25 x 100 foot commercial space. The property affords several investment/development scenarios with the ability to build an additional two stories (five total stories). One possibility is a mixed-use condo development, with condo prices nearby selling for over $2,000 per square foot. Another possibility is to reposition to a 3-story retail property on the highly trafficked Eighth Avenue, where retail rents are between $175/$200 RPSF. This would generate excellent cash-flow from both the residential and retail income. This opportunity is truly a blank canvas for any developer to execute his or her vision in the heart of Manhattan. The subject property is located steps from the Subway A, C, E and L trains on 23rd Street and 14th Street, as well as, many local attractions, including Chelsea Market, The Meatpacking District and The High Line. The High Line attracts over 18,000 people per weekend and has become one of New York City’s most popular tourist attractions. The recent downtown technology boom, along with worldwide companies such as IAC, Twitter and Google having placed their New York Headquarters in Chelsea, have created an even stronger demand for residential housing in Chelsea now and in the future. Investment Highlights: • Prime Location: In the Heart of Chelsea • All Free Market Units Delivered Vacant (100% of Units) Potential to Redevelop Immediately • High Traffic Location – Located Steps from A,C,E & L Trains • 10,000 Square Feet of Total Buildable Air Rights. • Nearby retail condos selling for over $3,000