Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Cushman & Wakefield Sells Mixed-Use Building / Development Site in Chelsea

10/09/2015

A mixed-use building/development site at 157 West 24th Street, located between Sixth and Seventh Avenues in Manhattan’s Chelsea neighborhood, was sold in an all-cash transaction valued at $6,900,000.

The site measures approximately 20.83’ x 98.75’.  Located in an M1-6 zoning district, the property benefits from approximately 20,570 buildable square feet.  The sale price equates to approximately $335 per buildable square foot. The building has retail on the ground with three floor-through apartments above. With approximately 4,207 square feet, the building sold for approximately $1,640 per square foot.

The property is situated between Sixth and Seventh Avenues, two of Chelsea’s main retail corridors, with nearby brands including Whole Foods, Hilton Hotels, and Four Points by Sheraton, David Barton Gym, and Planet Fitness.  The site is also conveniently located between two 23rd Street subway stations, providing transit along the F, M, 1 and 2 lines.  Additionally, Penn Station and Madison Square Garden are a short walk away.

“The interest in this property was strong. We identified a buyer who had a unique perspective and will most likely redevelop the property,” said Cushman & Wakefield’s John Ciraulo, who exclusively handled this transaction with Brock Emmetsberger.  The seller of the property was 157 West 24 Realty LLC, controlled by Ira Lifshutz a New York City investor.

10/09/2015 - 16:00

Source

Cushman & Wakefield Capital Markets Group New York

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