Cushman & Wakefield Retained Exclusively to Sell the Star Cinema Building - Development Opportunity in Chelsea
Cushman & Wakefield has been retained on an exclusive basis to sell a loft building / development opportunity at 217-219 West 21st Street. The property is located between Seventh and Eighth Avenues in Manhattan’s Chelsea neighborhood. Ownership is requesting proposals.
The “Star Cinema Building” is a three-story, industrial-style loft building contains approximately 13,040 square feet and sits on a 50’ x 98.75’ lot. Each floor boasts high ceilings and large windows, which provide a tremendous amount of light and air. The property is equipped with a freight elevator and two highly-coveted curb cuts with garage bays, allowing for on-site parking to remain or for conversion to a variety of creative uses. The site’s R8B zoning permits 4.0 FAR for residential use, allowing for a structure of up to approximately 19,750 square feet. The additional air rights offer an exceptional opportunity to develop a substantial luxury residential project in the heart of Chelsea.
While the ground floor, basement, and half of the second floor will be delivered vacant, the commercial tenants occupying a portion of the second floor and entirety of the third floor have leases that expire no later than December 31, 2017. The tenancy provides potential purchases with immediate in-place income while planning for conversion/renovation. Potential purchasers will have a tremendous opportunity to create a luxury residential project or end-user conversion in one of Manhattan’s most dynamic neighborhoods.
Chelsea has experienced an unprecedented level of development and economic activity over the past decade. It is undoubtedly one of the most desirable residential enclaves in New York City due to its beautiful tree-lined streets and historic charm, combined with its unrivaled amenities including Chelsea Market, the High Line, and a growing list of world-class galleries, restaurants, retailers, and hotels. This property benefits from superior transportation options, with seven subway lines just two blocks away on West 23rd Street and Seventh Avenue.
“The property offers a variety of uses like none other - tremendous ceiling heights and width that serve well for an art gallery or residence, available air rights for additional development, and even a possible parking component. It is extremely rare to find several unique elements all in one property,” said Cushman & Wakefield’s Brock Emmetsberger, who is exclusively marketing this property with Bob Knakal, Chairman, New York Investment Sales.