$12,000,000
Updated 11 years ago
Off Market

524 West 29th Street

Chelsea, Manhattan | Eleventh Ave & Tenth Ave

12,344 Square FeetCommercial

$12,000,000
floors1
Lot Size25'x98'
Built Size25'x98'
ZoneC6-3/W
Building TypeDevelopment Site
RE Taxes$133,138
Price Per SF
$972

Building Amenities

  • Elevator

Property Description for 524 West 29th Street

The existing site is a 12,340 square foot building that is presently leased to a Chelsea Art Gallery. The building is triple net leased with the current tenant paying $27,183 a month with additional rental increases each year. After the lease expires the property is ideal for a residential, hotel, or commercial development project. The site falls within the West Chelsea sub area B zoning district. Within this zoning district the Zoning Department created the High Line Transfer Corridor which allows property owners that are encumbered by the High Line to transfer development rights, equivalent to the base FAR for the property, to designated receiving sites with the West Chelsea District. 524-532 West 29th street is a receiving site under the HLTC with an as-of-right FAR of 5.0, which equates to 61,719 buildable square feet. Additionally, the property can receive another 2.5 FAR, yielding another 30,859 for a total of 92,578 buildable square feet.


Building Details for 524 West 29th Street

OwnershipCommercial
Building TypeDevelopment Site
AgePre-War
Year Built1930
Floors1
Learn More About the Building

Transit and Citi Bike

Subway

34 St-Hudson Yards
0.29 miles
23 St
0.46 miles
34 St-Penn Station
0.47 miles

Railroad

Penn StationLong Island Rail Road
0.47 miles

Citi Bike

W 30 St & 10 Ave
0.07 miles
10 Ave & W 28 St
0.08 miles

Contact Agents

Contact Agents

Elysa Berlin
Cushman & Wakefield
Jonathan Hageman
Cushman & Wakefield
Robert Knakal
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: 31592TH