Prime West Chelsea Commercial Building for Sale
Ideal for Investor, Developer or End User
555 West 25th Street is a stately, six story, prewar loft building in the heart of the West Chelsea Art District and a few blocks from Hudson Yards. The property offers a rare opportunity for either an Investor or Developer/End User to buy an asset in one of the most vibrant new development areas of Manhattan. With 51,301 rentable square feet, it is currently an office and gallery building with a stable roster of tenants. However, the property could be repositioned in a few years into a higher end art showroom building or boutique creative office building, or converted into a corporate headquarters or a boutique hotel.
For the Investor, the building offers a turnkey property with significant upside in rental income. Many of the current leases are significantly below market, and most come up for renewal within the next three years. If new leases are negotiated at market rents for the area, operating income could rise roughly 60% by 2021.
For the Developer or End User, there is the option for the building to be totally vacant by June of 2021. Until then and while redevelopment plans are being approved, the building will generate over $4 million in net operating income from existing leases in place.
Located in the heart of the West Chelsea Art District, this building boasts as neighbors the world- renowned art galleries and many of the leading art dealers. Just on 25th Street, the building is just steps away from Pace, Marlborough, Cheim & Read, Chelsea Arts Tower and the future Pace Art tower. This block of West 25th street is among the best in West Chelsea with high foot traffic and easy access to the High Line. It is also just two blocks away from Chelsea Piers, Hudson River Park and cross-town bus, three blocks to C/E subway line, and five blocks to Hudson Yards and new 7 subway line.
Courtesy of: Douglas Elliman 111 Fifth
Office Phone: 212.645.4040
Listing Agent: Yoko Sanada
Updated: 13th December, 2018 3:33 PM.
555 West 25th St New York, NY