ASKING PRICE: Requesting Offers ASKING RENT: Upon Ask
SALES PROFESSIONALS
Andrew Berry Michael Gembecki (212) 589-5124 (212) 660-7743 [email protected] [email protected]
Charlie Gravina Austin Fabel (212) 841-7580 (212) 660-7727 [email protected] [email protected]
RETAIL LEASING PROFESSIONALS
Jill Lovatt Heather Sockol (212) 841-7901 (212) 841-7903 [email protected] [email protected]
TABLE OF CONTENTS
EXECUTIVE SUMMARY 1
FINANCIAL OVERVIEW 3
THE NEIGHBORHOOD 9
PROPERTY PHOTOS 25
DUE DILIGENCE 29 EXECUTIVE SUMMARY
The Opportunity:
Cushman & Wakefield has been exclusively retained to arrange for the sale and/or lease of the retail condominium located at 515 West 23rd Street on the north side of 23rd Street between 10th and 11th Avenues in West Chelsea. At the base of the newly constructed luxurious residential condo building, designed by the Los Angeles based Architect Neil M Denari, this retail condo is strategically positioned beneath Meatpacking’s historic Highline park. With approx. 13’ feet of street frontage located steps away from the entrance to the highline park, the move in ready, vacant unit has great visibility in one of the most luxurious neighborhoods of the city. The space is approximately 2,424 square feet at grade, featuring impressive ceiling heights and 2 glass atriums to allow for ample natural sunlight. The property offers a rare opportunity to purchase an owner/user or investment property along the coveted Meatpacking retail corridor. The space is also suitable for boutique, ground-floor office space. Between 10th and 11th Avenues, the property is located near the A, C, E, 1, 2, 3, F, M & L subway lines. Furthermore, the area is serviced by bus routes running North and South on Broadway, Seventh, Eighth, and Ninth Avenues as well as the M23 bus service East and West along 23rd and 14th Streets. With over 20,000 people in daytime population, this property allows the rare opportunity for an owner or investor to purchase the retail condo.
1 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 2 FINANCIAL OVERVIEW
3 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 4 PROPERTY FEATURES
Property Information: Asking Price: Address: 515 West 23rd Street, New York NY 10011
Located on the North Side of 23rd Street between 10th and Requesting Offers Location: 11th avenues
Block & Lot: 695 / 1907
Asking Rent: Lot Dimensions: 38’ x 72' (irregular)
Upon Ask Lot Square Footage: 2,736 SF (approx.)
Total Square Footage: 2,424 SF (approx.)
Total Retail Spaces: 1
Assessment (20/21): $754,740
Taxes (20/21): $63,869 Property Highlights: Common Charges: $15,626 / annum • Total of approximately 2,424 square feet at grade Retail Condo Comps (2018-2019): • Featuring 13’ of frontage on West 23rd Street
DATE NEIGHBORHOOD ADDRESS PRICE SF $/SF • The vacant space will be delivered in “white box” condition
1 2/15/2018 NoHo 12 East 13th Street #COMM $4,800,000 3,556 $1,350 • Impressive ceiling heights ranging from 10’-15’ and two large glass atriums to allow for ample natural sunlight 2 8/10/2018 Chelsea 524 West 19th Street #CU $3,250,000 3,537 $919 • Over 20,000 people in daytime foot traffic 3 10/24/2018 West Village 163 Charles Street #C $2,950,000 3,762 $784 • In close proximity to major NYC subway lines via the A, C, E, B, D, F, M, 1, 2, 3 & L 4 5/9/2019 West Village 239 West 18th Street #1E $2,583,000 1,573 $1,642
5 5/9/2019 West Village 239 West 18th Street #1W $2,625,000 1,616 $1,624
5 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 6 THE NEIGHBORHOOD
7 THE NEIGHBORHOOD THE NEIGHBORHOOD 8 CHELSEA
INTRODUCTION
Chelsea is one of the city’s most dynamic neighborhoods, with a rich history, diverse culture, and booming social life that define the modern Manhattan neighborhood. The area stretches from 14th Street to 30th Street west of Sixth Avenue to the Hudson River. The adjacent neighborhoods include the Meatpacking District and Greenwich Village to the south, Midtown West and Hudson Yards to the north, and Flatiron, Gramercy and Union Square to the east. Additionally, Penn Station adds additional accessibility to an already prime central location.
HISTORY
Historically, the neighborhood has been divided into two factions: the residential district to the east, and the industrial district to the west. The eastern portion of the neighborhood is characterized by a mix of historic tenements, apartment blocks, and brownstones along beautiful tree-lined streets, with street retail along the avenues. The western portion of the neighborhood is home to a large stock of newly rehabilitated industrial buildings and more recently, a flurry of new luxury condominiums. Additionally, Chelsea’s west side is home to the High Line, an elevated public park that has become an icon of rea and a catalyst for ongoing development in the neighborhood.
9 THE NEIGHBORHOOD THE NEIGHBORHOOD 10 515 WEST 23RD STREET
PRIME RETAIL AMENTITIES & SHOPPING
Chelsea has undoubtedly become one of the city’s most popular shopping destinations and offers a wide variety of premium retail amenities. The neighborhood’s major thoroughfares, including Sixth Avenue, 14th Street, and 23rd Street, offer a range of national retail chains, home good and apparel stores, cafes, and restaurants. The Sixth Avenue corridor is the area’s easternmost avenue and home to big box retailers such as Best Buy, Bed Bath & Beyond, and Trader Joe’s. West 14th Street is also a bustling retail corridor, featuring a wide range of national and local businesses. Perhaps the most bustling shopping scene in Chelsea is the southwestern border of the neighborhood adjacent to the Meatpacking District. Major national retailers have come into the area, most notably The Apple Store, Chelsea Market, Barneys Downtown, Patagonia, and Anthropologie. Additionally, an abundance of boutique retailers can be found throughout the streets of Chelsea. Retailers see the influx of businesses along with the strong growth in luxury residential development as key drivers of foot traffic, and they continue to project significant growth for the foreseeable future.
THE HIGHLINE PARK
The High Line is a 1.45 mile-long linear park built in Manhattan on an elevated section of a disused New York Central Railroad spur called the West Side Line. Construction began in 2006, transforming the structure into a 6.7 acre elevated public park spanning 22 blocks. The park features an aerial greenway with lush landscaped gardens and unique designs that provide a tranquil oasis away from the urban bustle. Section One runs from Gansevoort Street to West 20th Street, Section Two from West 20th to West 30th Streets, and Section Three swings west from West 30th Street and 10th Avenue to West 34th Street and 12th Avenue. One of the most exciting features of the High Line will be The Spur, an enormous oval amphitheater with seating for visitors surrounded by thick foliage. Upon completion, the High Line will connect the Meatpacking District and West Chelsea with the No. 7 Subway station, the Javits Center, and the Hudson Yards neighborhood.
11 THE NEIGHBORHOOD THE NEIGHBORHOOD 12 515 WEST 23RD STREET
SUBMARKET SNAPSHOT CHELSEA / MEATPACKING Stats below are demonstrated from a half mile radius of the property.
36,500,000 6,000,000 Annual Ridership Chelsea Market Visitors A, C, E, B, D, F, M, 1, 2, 3 & L
8,900 1,900 Businesses Retailers
170 47 Food & Beverage Stores Art Exibitions Open Today
164,000 7,600,000 Employees Highline Annual Visitors
13 THE NEIGHBORHOOD THE NEIGHBORHOOD 14 515 WEST 23RD STREET - RETAIL RENT COMPARISON CHELSEA RESIDENTIAL DEVELOPMENTS
15 THE NEIGHBORHOOD THE NEIGHBORHOOD 16 515 WEST 23RD STREET - POINTS OF INTEREST NEIGHBORHOOD CHARACTER
DINING & SHOPPING:
W 2 TH STR T S TH AV N TH AM R CAS L V NTH AV N T NTH AV N N NTH AV N 1 TW L TH AV N W ST S D H GHWAY GHTH AV N S V NTH AV N Frying Pan
lower W 2 TH STR T McDonald's FIT Chelsea is Districtone of Manhattan’s most dynamic neighborhoods, culturally rich in both character and Marquee NY architecture. The area’s historic districts and new developments have drawn the attention of everyone The High Line W 2 TH STR T over the years, from the proverbial starving artists and street buskers to the most successful academics and fashionistas. While many people have their own definitions of the boundaries of Chelsea, it is traditionally considered to be bounded by 14th Street to the south, 30th Street to the north, Sixth
N L H G H W 25TH STR T Rite Aid Avenue to the east, and the Hudson River to the west. The adjacent neighborhoods include the Whole Foods Meatpacking District and Greenwich Village on the south side, the Midtown West and Hudson Yards W 2 TH STR T Chelsea to the north side, and Flatiron, Gramercy and Union Square to the east side. Mass transportation 515WatersideW23 ParkST CVS Capital One Gap within walkingF M distance of the property includes the Sixth, Eighth Avenue, and Broadway subway W 23RD STR T C E 1 Cinepolis lines, as well as local and express MTA bus service throughout Manhattan. Rumble The Meatball Shop Chelsea Chelsea Piers Sports & Entertainment Complex Gotham W 22ND STR T Comedy Club Clement Clarke Trader Joe Moore Park Slate NY W 21ST STR T Barry's Bootcamp Pier 2
L V NTH AV N W 20TH STR T David Zwirner ART GALLERIES
Chelsea Piers Sports ntertainment Kleinfeld Bridal Complex 16 Handles W 19TH STR T The Joyce Theater USPS Coinciding with the added residential and commercial presence in the area is the explosion of art W 1 TH STR T 1 galleries. MoreS TH AV N TH AM R CAS than 200 galleries have sprouted in Chelsea, a part of the neighborhood that was 1 Oak Twitter dominantly industrial only as of a few years ago. Main draws include the Dia Art Center, The Gagosian W 1 TH STR T Rubin Equinox Highline TAO Downtown Gallery, The Paula Cooper Gallery, The Rubin Museum of Art and Matthew Marks. Other cultural Starbucks S V NTH AV N Museum of Art SoulCycle Ballroom GHTH AV N W 1 TH STR T attractions range from concerts at St. Peter’s Church to plays at the Joyce Theater to rock climbing T NTH AV N Del Posto N NTH AV N Barneys New York Anthropologie Google at Chelsea Piers. Chelsea’s character has encouraged the preservation of buildings and history, but Chelsea Market at the same time, advocated social and cultural development. This best of both worlds mentality will W 15TH STR T Pier 5 Gansevoort Market continueGNC to attract not only tenants, but investors and developers as well. Apple 1 2 3 F M L
14th Street Park W 1 TH STR T A C E L TD Bank
W 13TH ST. Jackson S uare
Pier 5
L TTL W 12TH STR T GHTH AV N AV N GHTH
H DS N STR T
GR NW CH AV N
GANS V RT STR T H RAT STR T GR W ton N T ng H
17 THE NEIGHBORHOOD THE NEIGHBORHOOD 18 515 WEST 23RD STREET NEIGHBORHOOD STATISTICS
2018 Daytime Population by Block: Active Galleries and Exhibitions in Chelsea
The far west side of Chelsea, once an edgy, semi-industrial patch, is now home to dozens of high- profile spaces. As New York’s premier contemporary art district, West Chelsea features a mix of industrial landmarks and glossy new developments flanking the Highline. This relatively new addition
W 34Th St 34Th St to the neighborhood brings with it verdant greenery, stunning views of the neighborhood and city 34Th St 34Th St 2018 Daytime Population 9Th Ave
Dyer Ave Dyer
10Th Ave beyond, and the hordes of people coming to appreciate it all.
11Th Ave
7ThAve W 33Rd St ParkAve 515 W 23rd Street E 32Nd St E 32Nd St The list includes, but is not limited to: Petzel Gallery, David Zwirner, Jack Shainman Gallery, Lehmann
31St St W 31St St E 31St St Maupin, Paula Cooper Gallery, Gagosian, 303 Gallery, Hauser & Wirth, Metro Pictures, Cheim & Read, Luhring Augustine Gallery, Matthew Marks Gallery, Agora Gallery, Benrubi Gallery, David Nolan New W 30Th St 30Th St W 30Th St E 30Th St 515W23ST Plz Penn York, Jack Shainman Gallery, Last Rites Gallery, Gladstone Gallery, DC Moore Gallery, Johannes Vogt W 29Th St Gallery, Heller Gallery, Tanya Bonakdar Gallery, Julie Saul Gallery. W 28Th St W 28Th St
3Rd Ave 3Rd
Lexington Ave Lexington
W 27Th St W 27Th St
Park Ave 8ThAve
7Th Ave 7Th
W 26Th St MadisonAve *The yellow and orange markers below are galleries in the vicinity of 515 West 23rd Street.
10Th Ave 10Th W 25Th St
W 24Th St
11Th Ave 11Th
23Rd St 23Rd St 23Rd St
9Th Ave 9Th W 22Nd St
3Rd Ave 3Rd
W 21St St W 21St St Lexington Ave Lexington
Of The The Of Americas
Park Park Ave W 20Th St Ave 5Th 10Th Ave 10Th E 20Th St
W 19Th St W 19Th St E 19Th St
W18Th St W 18Th St E 18Th St
W 17Th St W 17Th St Ave 4Th
W 16Th St Irving Pl
3Rd Ave 3Rd
9Th 9Th Ave W 15Th St E 15Th St
Union Sq Union
14Th St 14Th St 14Th St 14Th St 14Th St
Legend H o E 13Th St bo ke n Ave 9Th 4Th Ave ^_ 515 W 23rdS Street ^ h o W 12Th St re E Trh St D Daytime Population r Greenwich Ave
Greenwich St W 11Th St Bloomfield St 515W23ST By Block Group 8Th Ave W 10Th St E 10Th St < 2,000 W 4Th St
2,000 - 4,999 Jane St 8Th St 7Th Ave
Of The The Of Americas 5,000 - 9,999 Hudson St
Bethune St Ave 5Th
University Pl t
10,000 - 19,999 S Sq Cooper Th Bank St 11 W 20,000+ 0 0.05 0.1 0.2 Washington Sq Miles Perry St I
DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY.
Data is from sources deemed reliable but may be subject to errors, omissions, or modifications. The information herein is provided without representation or warranty Data is from sources deemed reliable but may be subject to errors, omissions, or modifications. The information herein is provided without representation or warranty
19 THE NEIGHBORHOOD THE NEIGHBORHOOD 20 PROPERTY PHOTOS
21 PROPERTY PHOTOS PROPERTY PHOTOS 22 515 WEST 23RD STREET PROPERTY FLOORPLANS
Interior Gallery Photos Floorplan
WEST 23RD STREET
23 PROPERTY PHOTOS PROPERTY PHOTOS 24 DUE DILIGENCE
25 DUE DILIGENCE DUE DILIGENCE 26 Building cannot penetrate sky exposure plane, which begins 85’ above the street line
In a mixed building, residential uses must always be 515 aboveWEST commercial 23RD uses STREET DUE DILIGENCE
85’
Tax Map: Zoning Information (C6-3A): C1–7 (Residential district equivalent: R8) WEST 24 STREET C6 districts permitNARROW a wide STREET range of high-bulk commercial uses requiring a central -location. Most C6 districts are in Manhattan, Downtown Brooklyn andWIDE DowntownSTREET Jamaica; a C6-3D district is mapped in the Civic Center area of the Bronx. Corporate headquarters, large hotels, department stores and entertainment facilities in high-rise mixed buildings are permitted in C6 districts. Portion of building higher than 120’ must be set back Block C6-1, C6-2 and most C6-3 districts, typically mapped in areas outside central atbusiness least 10’ when cores, facing sucha wide street as the Lower East Side and Chelsea, have a commercial floor area ratio (FAR)or 15’ of when 6.0; facing the a narrowC6-3D street 695 district has an FAR of 9.0. 170’C6-4 maximum through building C6-9 height districts, typically mapped within the city’s major 27 11TH AVENUE business districts, have a maximumwithin 100’ ofFAR a wide of street 10.0 or 15.0, exclusive of any applicable bonus. Floor 10TH AVENUE area may be increased by a bonus for a public plaza or Inclusionary Housing.
C6-2A, C6-3A, C6-3X and C6-4A are contextual districts with maximum building heights. C6-3D WEST 23 STREET and C6-4X districts allow towers above a building base; special rules determine the tower’s height and articulation. All other C6 districts allow towers to penetrate a sky exposure plane and do not require a contextual base. C6 districts are widely mapped within special districts. C6-4.5, C6-5.5, C6-6.5 and C6-7T districts are mapped only within the Special Midtown District and have unique floor area ratios and bonus Base height within rules. C6-1G, C6-2G, C6-2M and C6-4M districts are mapped in Chinatown and Chelsea100’ and of wide in thestreet: Special Garment Center District, and have rules for the conversion of non-residentialMinimum: space 105’ to Zoning Map: residential use. C6 districts are well served by mass transit, and off-street parking is generallyMaximum: 120’not required, except within the C6-3D district.
NARROW STREET WIDE STREET C2–7X (Residential district equivalent: R9X) 515W23ST C1 & C2 Commercial Districts C1–6 C1–6A C2–6 C2–6A C1–7 C2–7 C1–7A C2–7A C2–7X C1–8 C2–8 C1–8A C2–8A C1–8X C1–9 C1–9A
Commercial FAR2.0 2.02.0 2.02.0 2.02.0 2.02.0 2.02.0 2.02.0 2.0
Residential FAR 0.87–3.441 4.03 0.94–6.022 0.99–7.52 6.023 7. 523 9.0 0.99–7.52 10.03 7. 523 10.03 9.010.03 10.03
Residential District Equivalent R7 R7AR8R9R8A R9AR9X R9 R10R9A R10A R9XR10 R10A
1 4.0 FAR on wide streets outside the Manhattan Core under Quality Housing Program 2 7.2 FAR on wide streets outside the Manhattan Core under Quality Housing Program 3 Increase in FAR with Inclusionary Housing Program bonus
27 DUE DILIGENCE DUE DILIGENCE 28 515 WEST 23RD STREET DUE DILIGENCE
Certificate of Occupancy Building DOB Violations
29 DUE DILIGENCE DUE DILIGENCE 30 Asking Price: Requesting Offers
Asking Rent: Upon Ask
FOR SALES INFORMATION CONTACT:
Andrew Berry Michael Gembecki (212) 589-5124 (212) 660-7743 [email protected] [email protected]
Charlie Gravina Austin Fabel (212) 841-7580 (212) 660-7727 [email protected] [email protected]
FOR LEASING INFORMATION CONTACT:
Jill Lovatt Heather Sockol (212) 841-7901 (212) 841-7903 [email protected] [email protected]
Cushman & Wakefield Copyright 2020. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.