$7,500,000
Updated 11 years ago
Off Market

157 West 24th Street

Chelsea, Manhattan | Ave of the Americas & Seventh Ave

2,057 Square FeetDevelopment Site

$7,500,000
floors / apts4 / 3
Lot Size20'x98'
Built Size21'x58'
ZoneM1-6
Building TypeLoft
RE Taxes$50,075
Price Per SF
$3,646

Building Amenities

  • Voice Intercom

Property Description for 157 West 24th Street

This offering represents the opportunity to acquire a boutique commercial development site positioned in the heart of Chelsea. Located in an M1-6 zoning district, the property benefits from over 20,500 square feet of commercial development potential. All existing tenants have either vacate or demolition clauses, so the immediate prospect of planning and constructing a hotel or boutique commercial building awaits a buyer almost immediately upon acquisition. The property lies between two of Chelsea’s main retail corridors along Sixth and Seventh Avenues, with nearby brands including Whole Foods, Hilton Hotels, Four Points by Sheraton, David Barton Gym and Planet Fitness. The site is also conveniently located between two 23rd Street subway stations, providing transit along the F, M, 1 & 2 lines. In addition, the property is situated within a short walk to Penn Station and Madison Square Garden. The immediate area has seen a steady emergence in both the hospitality and office sectors, with neighborhood hotels operating at city-wide highs of 83.1% occupancy and creative tech tenants leasing loft office space in the Midtown South office submarket for over $60 / SF.

Listing History for 157 West 24th Street

Now
11/18/2015
POM by John F. Ciraulo
Cushman & Wakefield
2015

Building Details for 157 West 24th Street

OwnershipDevelopment Site
Building TypeLoft
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts4/3
Learn More About the Building

Transit and Citi Bike

Subway

23 St
0.1 miles
23 St
0.11 miles
28 St
0.2 miles
23 St
0.25 miles
28 St
0.28 miles

Railroad

Penn StationLong Island Rail Road
0.43 miles

Citi Bike

W 24 St & 7 Ave
0.09 miles
W 25 St & 6 Ave
0.13 miles

Contact Agents

Contact Agents

John Ciraulo
Cushman & Wakefield
Craig Waggner
Cushman & Wakefield

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: 27301TH