Updated 7 years ago
Sold
555 West 25th Street
Chelsea, Manhattan | Tenth Ave & Eleventh Ave
1 Bath40,926 Square FeetCondo
$43,300,000
floors / apts6 / 7
Lot Size75'x98'
ZoneM1-5
Building TypeLow-Rise
RE Taxes$339,139
Price Per SF
$1,058
Building Amenities
- Voice Intercom
- Elevator
Property Description for 555 West 25th Street
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.
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.
Listing History for 555 West 25th Street
Now
04/10/2019
Sold and Closed by Yoko Sanada
Douglas Elliman
2019
Building Details for 555 West 25th Street
OwnershipCondo
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessElevator
Year Built1926
Floors/Apts6/7
Transit and Citi Bike
Subway
23 St
0.44 miles
34 St-Hudson Yards
0.45 miles
Citi Bike
W 26 St & 10 Ave
0.09 miles
11 Ave & W 27 St
0.12 miles
Chelsea | Manhattan
Quick Profile
The row houses portray the world-class architecture of Greek Revival, Italianate and Georgian styles. The population is both ethnically and socially diverse, which is reflected in the restaurants and retail businesses in the neighborhood.
Western Chelsea is the center of the NYC art world, where you will find more than 200 art galleries housed in rehabbed factories and warehouses, as well as in newly-constructed buildings.
While people of many different cultures call Chelsea home, it has been a mecca over the years for people in the LGBTQ community. One census reported that as many as 22% of its residents were gay couples. Eighth Avenue is a trendy area for LGBTQ-oriented dining and shopping. Although it no longer draws the LGBTQ population that it once did, Chelsea still has many popular alternative bars.
Chelsea is primarily residential, consisting of a mixture of diverse complexes, low-rise apartment blocks, tenements, townhouses, renovated row houses, and luxury high-rises.
Chelsea is an interesting and sought-after place to live, with unique clothing boutiques, restaurants, and delis representing cultures from around the world. In addition to its quirky establishments, Chelsea has fine dining restaurants and a vibrant, hip nightlife, which adds to its allure.
Chelsea is well-served by public transportation. At least six city bus routes traverse Chelsea. There are three NYC subway routes with stops on Seventh Avenue, three on Eighth Avenue, and two more on Sixth Avenue. The 34th Street - Hudson Yards Station opened in 2015 with its main entrance in Chelsea.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 72919TH
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