$79,000,000
Updated 11 years ago
Sold
113-117 West 24th Street
Chelsea, Manhattan | Ave of the Americas & Seventh Ave
Development Site
$79,000,000
ZoneM1-6
Building TypeDevelopment Site
Building Amenities
- Elevator
Property Description for 113-117 West 24th Street
Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of 113-117 West 24th Street aka 112-118 West 25th Street, a block through development site totaling approximately 268,994 buildable square feet. The zoning for the site is M1-6 positioning the property as an ideal hotel or commercial development.
The subject site consists of a fee position in an existing 3-story parking garage at 113 West 24th Street along with additional air-rights from adjacent parcels. The garage tenant is on a month-to-month basis and currently pays all real estate taxes in addition to utilities. The base zoning allows for a 10.0 FAR density as-of-right, which equates to approximately 156,420 buildable square feet. Additionally, ownership has purchased approximately 112,574 square feet of transferable development rights from adjacent parcels. As a result the total as-of-right development would yield approximately 268,999 buildable square feet. Furthermore, a potential bonus of 2.0 FAR is permissible by building a public plaza, further increasing the potential development to approximately 300,278 buildable square feet. Ownership will consider dividing the site into two separate parcels if a developer chooses to pursue a smaller site.
The development site is ideally located in the heart of Chelsea just west of the major mixed-use residential towers that run along Sixth Avenue. Moreover, the site’s proximity directly between the surging Midtown South and West Chelsea sub-markets that are benefiting from the influx of new technology / media tenants only enhance the project’s long term viability.
Coupled with the lack of new commercial development in the area and the scarcity of sites of this size, the offering presents a tremendous opportunity.
The subject site consists of a fee position in an existing 3-story parking garage at 113 West 24th Street along with additional air-rights from adjacent parcels. The garage tenant is on a month-to-month basis and currently pays all real estate taxes in addition to utilities. The base zoning allows for a 10.0 FAR density as-of-right, which equates to approximately 156,420 buildable square feet. Additionally, ownership has purchased approximately 112,574 square feet of transferable development rights from adjacent parcels. As a result the total as-of-right development would yield approximately 268,999 buildable square feet. Furthermore, a potential bonus of 2.0 FAR is permissible by building a public plaza, further increasing the potential development to approximately 300,278 buildable square feet. Ownership will consider dividing the site into two separate parcels if a developer chooses to pursue a smaller site.
The development site is ideally located in the heart of Chelsea just west of the major mixed-use residential towers that run along Sixth Avenue. Moreover, the site’s proximity directly between the surging Midtown South and West Chelsea sub-markets that are benefiting from the influx of new technology / media tenants only enhance the project’s long term viability.
Coupled with the lack of new commercial development in the area and the scarcity of sites of this size, the offering presents a tremendous opportunity.
Listing History for 113-117 West 24th Street
Now
08/13/2013
$79,000,000
Sold and Closed by Robert Knakal
Cushman & Wakefield
05/02/2013
Contract Signed by Robert Knakal
Cushman & Wakefield
Building Details for 113-117 West 24th Street
OwnershipDevelopment Site
Building TypeDevelopment Site
Transit and Citi Bike
Subway
23 St
0.08 miles
23 St
0.13 miles
28 St
0.22 miles
28 St
0.26 miles
23 St
0.28 miles
Railroad
Penn StationLong Island Rail Road
0.46 miles
Citi Bike
W 25 St & 6 Ave
0.09 miles
W 24 St & 7 Ave
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: 48135TH
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