Exclusive Offering Memorandum 559 West 23rd Street West Chelsea, New York Newly Constructed Retail Condominium – Ideal For Gallery Or Creative Use 559 West 23rd Street I West Chelsea Newly Constructed Retail Condominium – Ideal For Gallery Or Creative Use
Deal Highlights
• 2,034 SF retail condominium • Newly constructed – gallery, office, creative or retail use • Highly coveted West Chelsea location among world-renowned galleries • Ceiling heights ranging from ±13 to ±18 feet on the ground floor and over 11 feet in the lower level • The North Gallery is day-lit from a large skylight • Proximity to The High Line, Chelsea Piers and Chelsea Waterside Park
$3,250,000 Reduced to $2,900,000 Asking Price
Contact
Karlene Channer Eastern Consolidated Senior Executive Assistant 355 Lexington Avenue [email protected] New York, NY 10017 646.658.7332 www.easternconsolidated.com Real estate investment services Notable Galleries Near 559 West 23rd Street 559 WEST 23RD STREET Notable Galleries WEST 26TH STREET 1. Andrew Kreps Gallery 4
2. Tanya Bonakdar GalleryTWELFTH AVENUE 3. Alexander Gray Associates 5 4. Galerie Lelong WEST 25TH STREET 3 CHELSEA 5. Cheim & Read WATERSIDE ELEVENTH AVENUE 10 • 2,034 SF retail condominium 6. Gagosian Gallery PARK 6 7. Gladstone Gallery • Newly constructed – gallery, office, creative or retail use 8. Luhring Augustine WEST 24TH STREET • Highly coveted West Chelsea location among world-renowned galleries 9. Matthew Marks Gallery 8 10. The Pace Gallery 7 • Ceiling heights ranging from ±13 to ±18 feet on the ground floor and over 11 feet in the lower level 11. DeBuck Gallery 9 12. Danziger Gallery • The North Gallery is day-lit from a large skylight 11 THE HIGH LINE WEST 23RD 12STREET • Proximity to The High Line, Chelsea Piers and Chelsea Waterside Park TENTH AVENUE
1 WEST 22ND STREET
CHELSEA PIERS SPORTS & ENTERTAINMENT COMPLEX
WEST 21ST STREET 2
Notable Galleries 559 West 23rd Street 3 EASTERN CONSOLIDATED easternconsolidated.com
Renderings
Exterior North Gallery Space
All dimensions and specifications (including square footage) provided herein are approximate. Maps, site plans, floor plans, drawings and elevations are artist renderings and are for informational purposes only. Renderings are an artist’s interpretation only. Architectural elements may vary from rendering shown.
4 559 West 23rd Street Renderings Real estate investment services
Executive Summary
As exclusive agent, Eastern Consolidated is pleased to offer for sale the brand new retail condominium located at 559 West 23rd Street, New York, New York (the “Property”). Situated at the base of a recently constructed luxury residential building, the Property benefits from its exceptional West Chelsea location between 10th and 11th Avenues. The space consists of 1,363 square feet on the ground floor and 671 square feet in the lower level, for a total of over 2,000 square feet. The ceiling heights range from ±13 to ±18 feet on the ground floor and 11 feet in the lower level. Ownership will deliver a vanilla box affording a future tenant or user the ability to immediately take occupancy (TCO anticipated late March 2016).
This offering presents investors or users the opportunity to acquire a brand new retail condominium in one of the most desirable and recognized art and gallery districts in the world. As noted on page 4, the Property is centered among some of the most prestigious galleries in West Chelsea. Further, the Property is just steps to The High Line (access point on 23rd Street), Chelsea Piers and Chelsea Waterside Park. Chelsea itself has emerged as the premier destination for technology, media and creative industry companies with Google, Twitter, Apple, Samsung, Uber and Tesla all having an prominent presence in the neighborhood.
Address 559 West 23rd Street, Chelsea, New York 10011 Use Restrictions Club, Bar, Restaurant, Clinic - See by-laws for full list Location North side of West 23rd Street between 10th and 11th Avenues Zoning C6-3A/Special West Chelsea District Block/Lot To be Determined Allocated Condo Interest 11.9933% Condominium Charges - Annual $13,735 Condo Size/Ceiling Height SF Ceiling Height Real Estate Taxes (2016/2017) $33,371 (Approximate Measurements) Ground Floor 1,363 12' 10" to 17' 5" Projected Net Operating Income $193,974 Lower Level 671 11' 2" Asking Price $3,250,000 Reduced to $2,900,000 Total 2,034 Cap Rate - Upon Stabilization 6.69% Per Total SF $1,426
Please note that the Offering Plan is currently being amended. The allocated condo interest and carrying costs are subject to change.
Executive Summary 559 West 23rd Street 5