41 West 24th Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 41 West 24th Street, a turn-key elevator apartment building with retail located at the epicenter where the Flatiron District meets Chelsea. The property is on one of the most rapidly changing blocks in the Flatiron District and just steps away from Madison Square Park and “Eataly”. The building contains a restaurant on the ground floor plus 12 apartments above, of which 10 are Free Market and 2 are Rent Stabilized. Four of the units are 3-bedroom and 2-bathrooms, six are 3-bedroom and 1-bathroom, one is a 2-bedroom and 1-bathroom, and one is a luxury penthouse which has 4 bedrooms, 2.5 bathrooms, 3 balconies and a private roof deck. Four units have private balconies. All of the Free Market apartments have been extensively and meticulously renovated to include: floor to ceiling windows, central air, walk-in closets, hardwood oak floors, high hat lighting, exposed brick, porcelain bathrooms, glass showers, radiant heat, washers & dryers, a built-in wine cooler, extra-large stainless steel refrigerators, dishwasher, quartz countertops, a marble backsplash, and high gloss soft close cabinets. The building features beautifully renovated hallways, high ceilings on every floor, video intercom, security cameras throughout, and over 4,000 SF of unused air rights for future use. Additionally, there is tremendous upside when the two rent stabilized units become vacant as one tenant occupies a two-floor duplex and the other an entire floor-through apartment at rents significantly below market. The retail tenant is “Chop Shop II”, a restaurant that moved into the space in 2014, and has been extremely successful in this location. They have 3.0% annual escalations in their base rent and are responsible for paying 40% of the real estate tax increases above Base Year 2014/2015. Additionally, the restaurant pays all its own utilities and reimburses the landlord 100% of their water usage. 41 West 24th Street presents an excellent opportunity for investors to acquire a well located, low maintenance, elevator serviced mixed-use building with strong in-place cash flow and remaining upside.