Massey Knakal Sells Chelsea Loft Building
A commercial loft building at 221-225 West 17th Street, located between Seventh and Eighth Avenues in Manhattan’s Chelsea neighborhood, was sold in a non-contingent transaction valued at $26,400,000.
The six-story elevator office building contains approximately 33,000 square feet and sits on a 50.83’ x 110’ lot within a mixed-use zone. Prior to the sale, the majority of the property had been owner-occupied for over 20 years. The sale price equates to approximately $800 per square foot.
Just steps away from great destinations including Chelsea Market, the High Line, and prime retail corridors along Seventh and Eighth Avenues, the site sits in an incredibly sought-after area for a residential conversion, commercial investment, or headquarters for a major brand. Creative tenants including Google, Red Bull, and Microsoft have taken large blocks of space in the immediate area, supporting the neighborhood’s new nickname “Silicon Alley”.
“We received a tremendous amount of interest from converters and office investors alike as the building is adjacent to Walker Tower and on the same block as Twitter’s recent lease of over 140,000 square feet of office space. Ultimately the allure of extending vertically and creating luxury condominiums prevailed as the highest and best use," said Massey Knakal’s Hall Oster, who exclusively handled this transaction with Brock Emmetsberger.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.