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

Massey Knakal Retained Exclusively To Sell Office Building In West Chelsea

04/04/2013

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building at 555 West 25th Street. The property is located between Tenth and Eleventh in Manhattan’s West Chelsea neighborhood. The asking price is $27,500,000.

This six-story building contains approximately 40,856 square feet and sits on a 75’ x 98.75’ lot.  It also contains a sellable lower level.  The current rentable area is approximately 41,787 square feet.  Built in 1891 and completely renovated in 1985, the building is fully occupied by a gallery, showroom, and creative tenants.  It is exceedingly rare to find a building of this quality with rents so far below market.  Floors feature over 12’ high ceilings and ample light and air, leading itself to possible showroom space for galleries.

Dominated by creative firms, art galleries and young professionals, the West Chelsea neighborhood has grown exponentially since the inception of the High Line, a public park built on a historic freight rail line elevated above the streets that runs from Gansevoort Street to West 30th Street, between Tenth and Eleventh Avenues.

“Rents throughout the property are roughly half of today’s market, so there is a tremendous amount of upside,” said Massey Knakal First Vice President of Sales Brock Emmetsberger, who is exclusively marketing this property with Partner James P. Nelson, who added, “The space benefits from high loft ceilings and windows on four sides on the above floors.”

For more information on this listing, contact James P. Nelson or Brock Emmetsberger at 212.696.2500.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

04/04/2013 - 09:51

Source

Cushman & Wakefield Capital Markets Group New York

Want more news about Cushman & Wakefield Capital Markets Group New York? Click here