$37,500,000
Updated 11 years ago
Sold
132-142 West 27th Street
Chelsea, Manhattan | Sixth Ave & Seventh Ave
Development Site
$37,500,000
Lot Size120' deep
ZoneM1-6
Building TypeDevelopment Site
Building Amenities
- Elevator
Property Description for 132-142 West 27th Street
An expansive 120’ wide development lot on the south side of West 27th Street between Sixth and Seventh Avenues, in the center of Chelsea and the border of the Flatiron District. The site is presently used as a parking lot with a single tenant operating on a lease until March 31st, 2014, paying $450,000 / year NNN with no option to renew. Currently zoned M1-6, the property allows for a maximum as-of-right buildable potential of 118,500 BSF of commercial development. Alternatively, rezoning for the area could be sought to allow for a large scale residential or mixed-use tower, as was done a block away on West 28th Street between Seventh and Eighth Avenues. The desirability of the Midtown South office market, coupled with the continued expansion of the Manhattan hospitality sector, provide a unique opportunity for a commercial developer to obtain a sizable site with tremendous frontage in an emerging neighborhood. In addition, a variance providing residential use would unlock immense potential in a market where condominiums have averaged approximately $1,300 per square foot over the previous six months. 132-142 West 27th Street represents a highly coveted development opportunity in a fashionable and growing neighborhood.
Listing History for 132-142 West 27th Street
Now
07/18/2013
$37,500,000
Sold and Closed by James P. Nelson
Cushman & Wakefield
04/03/2013
Contract Signed by James P. Nelson
Cushman & Wakefield
Building Details for 132-142 West 27th Street
OwnershipDevelopment Site
Building TypeDevelopment Site
Transit and Citi Bike
Subway
28 St
0.1 miles
23 St
0.2 miles
23 St
0.21 miles
28 St
0.21 miles
23 St
0.28 miles
Railroad
Penn StationLong Island Rail Road
0.33 miles
Citi Bike
W 27 St & 6 Ave
0.11 miles
W 25 St & 6 Ave
0.15 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: 45557TH
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