West 20th 402 Street New York, NY 10011

CONFIDENTIAL OFFERING MEMORANDUM Offering Memorandum Disclaimer

This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible investment in 402 West 20th Street (the “Property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of the owner, or its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither For more information, please contact one Cushman & Wakefield nor Managing Member guarantees the accuracy or completeness of the of the following individuals: information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the Michael Gembecki right, at its sole discretion, to reject any offer to invest in the Project or to terminate any Director +1 212 660 7743 negotiations with any party at any time with or without written notice. Managing Member [email protected] shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member Alessandra Faglione and any conditions to Managing Member’s obligations thereunder have been satisfied or Associate waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will +1 212 660 7722 be responsible for any commission due to Cushman & Wakefield in connection with a [email protected] transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is Austin Fabel not authorized to make any representation or agreement on behalf of Managing Member. Associate Each prospective investor will be responsible for any claims for commissions by any other +1 212 660 7727 broker in connection with an investment in the Project if such claims arise from acts of such [email protected] prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement. Table of Contents Executive Summary...... 4 Pictures ...... 6 Market Overview...... 10 Due Diligence ...... 20 A P i e c e of History

• 5-story walk-up configured mostly of floor-through units, between Ninth and Tenth Avenues. • Presently configured as a multifamily asset with six free market units. • 5 out of the 6 units are vacant making it ideal for investment, condominium conversion, or live plus income investment purposes. • Located on one of the most charming streets in the heart of the Chelsea Historic District. • Neighborhood market supports residential rents of over $85/SF and condominium sales of over $3,000/SF.

Asking Price: $7,950,000

Michael Gembecki Alessandra Faglione Austin Fabel Director Associate Associate +1 212 660 7743 +1 212 660 7722 +1 212 660 7727 [email protected] [email protected] [email protected]

4 nyinvestmentsales.com 717 / 45 B LOCK L OT 23’ x 78.87’ L O T DIMENSIONS (APPROX.) 1,814 L O T S Q U A R E FOOTAGE (APPROX.) 6,452 G R O S S S Q U A R E FOOTAGE (APPROX.) Chelsea R7B/C2-5 HISTORIC DISTRICT Z ONING $262,663 ASSESSMENT (2017/2018) $35,774 TAXES (2018/2019) 402 West 20th Street SOUTH SIDE OF WEST 20TH STREET BETWEEN NINTH AND TENTH AVENUES

Highlight

Built as a tribute to Don Alonzo Cushman in 1898, 402 West 20th Street is a unique Neo-colonial style, five-story, apartment building containing six free market residential units. There is one studio apartment on the basement level and five floor-through apartments totaling approximately 6,452 square feet.

Filled with original details including but not limited to pocket doors and moldings, the property is an excellent opportunity for an investor or end-user looking to purchase a rare multifamily asset on one of the best Chelsea Historic District blocks.

Originally built for Angelica B. Faber, a member of the Cushman family, the building was skillfully designed on a narrow lot by architect C.P.H. Gilbert. The noted architect also designed the Warburg and Stuyvesant mansions on Fifth Avenue.

402 West 20th Street | Cushman & Wakefield 5 P i c t u res

1 1 Parlor Level Entrance

The Parlor level is the main point of access into the building from the Street. The stairway runs from the Parlor level through the top floor, with one apartment occupying each floor. Hallways and units all feature a good amount of original detail and flexible layouts.

2 Dining Area

Dining area of the floor-through apartment on the third floor facing into the living room.

3 Kitchen

Walk-through kitchen in the third-floor unit.

2 3

6 nyinvestmentsales.com 4 4 Bedroom

One of two bedrooms in the third floor unit.

4 Private Garden

Private entrance from the garden unit leading to a charming courtyard area.

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5 Rooftop

Views from the rooftop include panoramic views of Seminary and Chelsea Historic District.

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402 West 20th Street | Cushman & Wakefield 7 F l o o r P l a n s

PATIO 23'- 6" x 11'- 2"

CL CL

BEDROOM BEDROOM CL 10'- 0' x 10'- 7'' CL 10'- 6' x 11'- 9'' BEDROOM BEDROOM 7'- 0' x 15'- 0'' 7'- 5' x 15'- 9''

CL BATH BATH

LNDRY LNDRY 6'- 0'' x 8'- 0'' 6'- 0'' x 8'- 0''

DUMB W/D DUMB W/D W AITER W AITER REF REF 2'' 0'' -

- CL D/W D/W 8'' x 6' x 8'' 0'' x 6' x 0'' - KITCHEN KITCHEN - KITCHEN KITCHEN 11' 12'

DINING ROOM DINING ROOM 14'- 6'' x 11'- 0'' FOYER 11'- 7'' x 12'- 10'' 7'- 9' x 9'- 3''

CL CL

LIVING ROOM LIVING ROOM 21'- 5'' x 13'- 10'' 15'- 0'' x 11'- 0'' FP

SECOND - FIFTH FLOORS

FIRST FLOOR

8 nyinvestmentsales.com “The Donac” STORAGE BELOW OUTDOOR PATIO The Donac building was built in 1898 by the prominent Chelsea developer Don Alonzo Cushman and, in tribute, the word Donac was carved into the terra cotta above the entrance door. MECHANICALS The unique convex curve to the façade owes its grace to the building architect C. P. H. Gilbert, a turn-of- the-century mansion specialist who

STORAGE also designed the Warburg mansion on Fifth Avenue, now the site of the Jewish Museum. E S

BATH T ORAG Source: The New York Times, No- vember 19, 2000. Noted architecture DUMB W AITER historian Christopher Gray, author of New York Streetscapes: Tales of

STORAGE ’s Significant Buildings and Landmarks and other books, a collection of articles he wrote for 15 years in The New York Times.

BATH N KITCHE S METER

STUDIO 15'- 0" x 23'- 5"

VESTIBULE

CELLAR

402 West 20th Street | Cushman & Wakefield 9 Marke t O ver view

Chelsea

The Manhattan neighborhood which encompasses 402 West London, home to Sir Thomas More. Clarke passed the estate on 20th Street is known as Chelsea. Today the area is a vibrant to his daughter, Charity, who, with her husband Benjamin Moore, international retail and residential destination. added land on the south of the estate, extending it to 19th Street. The house was the birthplace of their son, , Chelsea is one of Manhattan’s most dynamic neighborhoods, who in turn inherited the property. Moore is generally credited culturally rich in both character and architecture. The area’s with writing “A Visit From St. Nicholas” and was the author of historic districts and new developments have drawn international the first Greek and Hebrew lexicons printed in the United States. attention over the years, from the proverbial starving artists to the most successful academics and fashionistas. While many In 1827, Moore gave the land of his apple orchard to the people have their own definitions of the boundaries of Chelsea, Episcopal Diocese of New York for the General Theological it is traditionally considered to be bounded by 14th Street to the Seminary, which built its brownstone Gothic, tree-shaded campus south, 30th Street to the north, Sixth Avenue to the east, and the south of the manor house. Hudson River to the west. Despite his objections to the Commissioner’s Plan of 1811, which The adjacent neighborhoods include the Meatpacking District ran the new Ninth Avenue through the middle of his estate, and Greenwich Village on the south side, the Midtown West and Moore began the development of Chelsea with the help of James Hudson Yards to the north side, and Flatiron, Gramercy and N. Wells, dividing it up into lots along Ninth Avenue and selling Union Square to the east side. Mass transportation within them to well-heeled New Yorkers. Covenants in the deeds of sale walking distance of the property includes the Sixth, Seventh, and specified what could be built on the land – stables, manufacturing Eighth Avenue subway lines, as well as local and express MTA bus and commercial uses were forbidden – as well as architectural service throughout Manhattan. details of the buildings and set backs for front gardens.

Chelsea takes its name from the estate and Georgian-style As often happens in New York real estate Chelsea has transformed house of retired British Major Thomas Clarke, who obtained the tremendously. Whether someone is looking for a quick bite, a property when he bought the farm of Jacob Somerindyck on night out on the town, or formal dining, Chelsea has it all. Options August 16, 1750. The land was bounded by what would become range from Batali’s Del Posto at 85 and 16th Street. 21st and 24th Streets, from the Hudson River to Eighth Avenue. and Tipsy Parson at 156 Ninth Avenue, to The Rocking Horse Café Clarke chose the name “Chelsea” after the manor of Chelsea, at 182 Eighth and Bottino at 246 Tenth Avenue.

10 nyinvestmentsales.com Retail Silicon Alley “Silicon Alley”, also known as “Tech Alley,” has evolved The Chelsea Market located at 75 Ninth Avenue into a moniker for the sphere encompassing the area of between 15th and 16th Streets, is also atremendous the city near the property where high tech firms have amenity for the area. The indoor retail market planted their roots. In the first half of 2015, Silicon Alley features Amy’s Bread, Anthropologie, Sarabeth’s, generated over $3.7 billion in venture capital investment Bar Suzette, Jacques Torres Chocolates, as well as according to the National Venture Capital Association. several other boutiques. Companies include Twitter, Streeteasy, GameLoft, Shopping is bolstered by all the nearby options Datalogix, Flightpath, Sound Cloud, IAC Interactive, in the Meatpacking District. Along the busy retail Mashable, Demand Media, Buzz Feed, FanDuel, Hinge, stretch of West 14th Street from 9th to 10th Vroom, and Paperless Post. Avenue are the Apple Store, Hugo Boss, La Perla, and Jeffrey New York. Additionally, Comme des Arts & Culture Garcons, one of the pioneers in West Chelsea, is More than 200 galleries have sprouted in Chelsea located at 520 West 22nd Street. and apart of the neighborhood that was dominantly industrial only as of a few years ago. Main draws Hotels include the Dia Art Center, The Gagosian Gallery,

The arrival of Hotel Americano, which is Grupo The Paula Cooper Gallery, The Rubin Museum of Habita’s newly opened and first boutique hotel in Art and Matthew Marks. Other cultural attractions , provides much needed lodging to range from concerts at St. Peter’s Church to dance the neighborhood. Three room types are offered, at the Joyce Theater. all with the feel of an urban ryokan with wooden platform beds, warm lighting, and luxurious Restaurants natural materials, some with soaking tubs and Excellent fare is available throughout the area as fireplaces. In addition, The Hotel opened some of the world’s finer chefs have in 2013 with 60 rooms. To give guests an authentic establishments in Chelsea. Classic establishments “trip through time” each guest room is equipped include Buddakan, Scarpetta, Del Posto and the with rotary phones developed by Western Electric Red Cat, as well as Da Umberto and Cookshop. in the 1930’s

402 West 20th Street | Cushman & Wakefield 11 Points of Interest

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12 nyinvestmentsales.com 10 1 1 General Theological Seminary

Founded in 1817, the General Theological Seminary of the Episcopal Church is the oldest seminary of the Episcopal Church and a leading center of theological education in the Anglican Community. This prestigious seminary spans 5.5 acres creating a serene park-like campus directly across the street from 402 West 20th Street. Over the years, the campus has gained fame for the beautiful gardens surrounding it entitled the “Close”. The buildings located on the site are neo-Gothic in character and the tree-covered lawns are uncharacteristic of Manhattan’s neighborhoods.

2 2 The High Line Hotel

Located just down the block at 180 Tenth Avenue, The High Line Hotel opened its doors to the public in 2013. The Hotel is located on the grounds of the historic General Theological Seminary. In an effort to retain character, the hotel draws inspiration from the estate’s original use as an apple orchard. Guest rooms include Gothic moldings, working fireplaces and one-of- a-kind pieces sourced from local and national antique fairs. Only 50 yards from The High Line, the Hotel has gained international acclaim.

402 West 20th Street | Cushman & Wakefield 13 Points of Interest

3 3 The High Line

The High Line is a 1.45 mile-long linear park built in Manhattan on an elevated section of a former 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 green-way with lush landscaped gardens and unique designs that provide a tranquil oasis away from the urban bustle.

4 4 Chelsea Piers

Chelsea Piers Sports & Entertainment Complex is a 28-acre waterfront sports village located in West Chelsea along the Hudson River. The pier opened in 1995 and transformed four historic and neglected piers into a major center for recreation and public waterfront access. Chelsea Piers connects Piers 59, 60 and 61 and features a large swimming pool, and a variety of sports and entertainment venues such as Pier Sixty, The Lighthouse, and Sky Rink.

14 nyinvestmentsales.com 5 5 Chelsea Market

A block long, a block wide and just a short walk from the Hudson River, in the area of Manhattan known as the Meatpacking District, Chelsea Market has become in just fifteen years one of the greatest indoor food halls of the world, with more than thirty-five vendors purveying everything from soup to nuts, wine to coffee, cheese to cheesecake. Attracting 6 million national and international visitors annually, it is one of the most trafficked, and written-about, destinations of any kind in New York City. Chelsea Market is a neighborhood market with aglobalperspective.

6 6 Buddakan

As aforementioned, the area is home to some of New York City’s best restaurants and entertainment venues, one of which is the world-renowned Buddakan. A member of STARR Restaurants, Buddakan offers interesting interpretations of Asian dishes coupled with an atmosphere reminiscent of 16th century Paris.

402 West 20th Street | Cushman & Wakefield 15 Points of Interest

7 7 Rubin Museum of Art

The Rubin Museum of Art, a museum with a focus on Tibetan art, is located on West 17th Street between 6th and 7th Avenues. The museum is known to inspire visitors and to help make connections between contemporary life and art within the Himalayas, India, and other neighboring regions. Opened in 2004, the museum displays more than 1,000 objects including paintings, sculpture, and textiles, as well as ritual objects from the 2nd to the 20th centuries. It has brought in more than 1.4 million visitors and presented more than 100 exhibitions. The 70,000 square foot facility features a dramatic spiral staircase that leads to six floors of galleries, a dramatically arcaded colonnade, and a cherry wood-lined theater. The Rubin Museum of Art is not only a museum, but also a cultural hub.

8 8 Metropolitan Pavilion Metropolitan Pavilion is an event venue located in the heart of Chelsea. It offers five unique spaces for events from 20 to 1,500+ guests and has played host to weddings, fashion shows, conventions, and sample sales, among others. Each space is a unique and inviting variation of the quintessential New York loft style, easily transformed into any event atmosphere. Growing from 13,000 square feet in 1998 to 60,000 square feet today, Metropolitan Pavilion has also fostered service-minded staff and an expanding array of event production services. The relationships with top-flight vendors and industry partners, coupled with in-house creativity and dedication create quality and value for any event.

16 nyinvestmentsales.com 9 9 Hudson Yards

Branded as “a new neighborhood for the NEXT GENERATION”, Hudson Yards rises above the MTA Long Island Railroad yards on the far west- side of Manhattan. Once completed, the project is expected to attract the most prestigious retailers, restaurants and corporations, ultimately creating a new destination for New Yorkers and tourists to “live, work, and shop”. The development site’s close proximity to 402 West 20th Street offers executives moving their firm to Hudson Yards income until they are ready to convert 402 West 20th Street into theirown personal residence.

10 10 The Whitney Museum

Designed by architect Renzo Piani and situated conveniently next to The High Line, the Whitney Museum’s new location is a key development to the Chelsea community. The new building attracts the growing community of artists, galleries, educators, tech entrepreneurs and residents of the Meatpacking District, Chelsea, and Greenwich Village. With the growing number of art galleries in the area, the Whitney Museum of Art is vital to the surrounding neighborhoods.

402 West 20th Street | Cushman & Wakefield 17 Transportation

18 nyinvestmentsales.com Transportation In addition to the diversity of services and amenities located within its neighborhood, 402 West 20th Street is accessible by public transportation, including several subways lines. The Eighth Avenue and Broadway “E” mass transit subway line (with stops at 14th, 23rd and 34th Streets) provides quick access to all west side addresses. Along Seventh Avenue, the “1” makes local stops, the closest stop being on West 23rd Street and Seventh Avenue. “2” and “3,” which stop at 14th Street, run express on the west side. The Sixth Avenue line (the “F” and “M”), runs along Sixth Avenue (with stops at 14th, 23rd and 34th streets), originating from Queens and Brooklyn. The “C” line runs along Eighth Avenue and continues downtown. The “L” subway line runs east-west along 14th Street, where transfer to the Lexington Avenue line provides access to the Upper East Side and to Brooklyn and Queens. The area is also serviced by express and local MTA buses for northbound traffic along Eighth and Tenth Avenues and southbound traffic on Seventh Avenue. By car, there is easy access to and from the west side by the West Side Highway, the Holland Tunnel and the Lincoln Tunnel with aplethora of nearby parking. The area is equally accessible to John F. Kennedy and LaGuardia airports.

West 20th 402 S treet 1 2

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A C B D E L F M L

402 West 20th Street | Cushman & Wakefield 19 D u e D i l i g e n c e

Zoning - R7B/C2-5

The property at 402 West 20th Street is zoned in the R7B zoning district with a C2-5 commercial overlay. In R7B districts, the mandatory Quality Housing regulations are similar to those of R6B districts but the higher floor area ratio (FAR) and height limit generally produce six- to seven-story apartment buildings rather than the row houses typical of R6B districts. There are R7B districts in Brooklyn and throughout Queens, including parts of Elmhurst and Rego Park.

The FAR is 3.0; the base height of a new building before setback must be between 40 and 60 feet before rising to a maximum building height of 75 feet. To maintain the traditional streetscape, curb cuts are prohibited on lots narrower than 40 feet and the front wall of a new building, on any lot up to 50 feet wide, must be as deep as one adjacent front wall but no deeper than the other. On lots 50 feet wide or more, the front wall must be no closer to the street lines than the front wall of an adjacent building. Front walls need not be set back beyond 15 feet.

Off-street parking is not allowed in front of a building and the area between the front wall and the street line must be landscaped. Parking is required for 50% of dwelling units, and is waived if five or fewer spaces are required.

C2-1 through C2-5 districts are mapped as commercial overlays within residence districts. They are mapped along streets that serve the local retail needs of the surrounding residential neighborhood and are found extensively throughout the city’s lower- and medium-density areas and occasionally in higher-density districts.

Typical retail uses include grocery stores, restaurants andbeauty parlors, cateringto the immediate neighborhood,. C2 districts permit a slightly wider range of uses, such as funeral homes and repair services, than C1 districts. In mixed residential/commercial buildings, commercial uses are limited to one or two floors and must always be located below the residential use.

When commercial overlays are mapped in R6 through R10 districts, the maximum commercial FAR is 2.0. Unless otherwise indicated, the depth of overlay districts ranges from 100 to 200 feet.

Overlay districts are distinct from other commercial districts in that residential bulk is governed by the residence district within which the overlay is mapped. All other commercial districts that permit residential use are assigned a specific residential district equivalent. However, when residences are constructed in any commercial district, certain regulations that apply in residence districts are waived, such as front and side yard requirements.

20 nyinvestmentsales.com 3

C4-5

AVE R8

AVE R8

NINTH

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TENTH

6 3 C M1-5

C6- West 20th 402 S treet 2A W. 2 C6-3A M1-5

R7B AVE

C6-2 R8A

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EIGTH

R7B 6A C6-4 C6-3 C2

C6-2A

402 West 20th Street | Cushman & Wakefield 21 D u e D i l i g e n c e

R7B/C2-5 Overlay As-of-Right Use Groups

•1 – Use Group 1 consists of single-family detached residences and any accessory uses

•2 – Use Group 2 consists of all other types of residences, such as apartment hotels and affordable independent residences for seniors

•3 – Use Group 3 consists of community facilities that can provide educational and other essential services for the residents, perform activities more effectively in a residential environment, and do not create significant objectionable influences in residential areas. Some of these facilities include: colleges or universities excluding business colleges or trade schools, college dormitories, libraries, museums, and art galleries.

•4 – Use Group 4 consists of community facilities that provide recreational, religious, health, and other essential services for residents. Examples include: Ambulatory diagnostic or treatment health care facilities, community centers or settlement houses, houses of worship, philanthropic or non-profit institutions without sleeping accommodations, cemeteries, golf courses, public parks or playgrounds, and agricultural uses such as greenhouses or nurseries.

Cushman & Wakefield deems the information above to be accurate, however, buyers are advised to consult The City of New York Zoning Resolution for a complete list of permitted uses in R7B/C2-5 Overlay or contact a zoning attorney.

22 nyinvestmentsales.com Tax Map

Tax Bill

402 West 20th Street | Cushman & Wakefield 23 D u e D i l i g e n c e

DOB Property Overview

2 4 nyinvestmentsales.com C h e l s e a Historic Distric t

Background History of Historic District

The Chelsea Historic District and Extension is bound by 10th The present day neighborhood can trace its roots back to the Avenue, beginning 152 feet north of West 19th Street and mid-1700’s when retired British Army Major, Thomas Clarke continuing to West 23rd Street. From there the District heads purchased an estate in the area which he named “Chelsea” after east running down West 22nd Street towards Eighth Avenue. aneighborhood in his home country of England. As illustrated by the map on the next page, the district follows When the Clarkes passed, their daughter married Benjamin an irregular pattern hitting portions of West 21st and West 20th Moore. Moore was influential in preserving the character of their Streets. estate but soon began to see their “country-style” of living begin Divided between Community Boards 3 and 4, the New York City to fade once Eighth and Ninth Avenues were cut in 1815 and 1818 Landmarks Preservation Commission designated the original respectively. Unlike Benjamin, his son Clement began to see portion of the Chelsea Historic District in 1971 with the goal of Chelsea as a real estate development rather than a country preserving the architecture and culture first introduced with the estate and began to plan what is now modern-day Chelsea. Georgian-style house of Retired British Major Thomas Clarke. The district was added to the National Register of Historic Places The early houses in this new neighborhood were mainly of high- in 1977. The Historic District was expanded in 1981 to include quality design in Greek Revival style, many of which still exist additional surrounding blocks with similar architectural style. today. As time progressed however, many of the early houses in the District had their facades resurfaced with stucco and many lintels and entablatures removed.

Ultimately, the Chelsea Historic District was commissioned to recreate the area’s once lost residential charm and restore many of the original buildings with high-quality finishings and designs reminiscent of the early 1800’s. The commission report carefully notes that more fine quality exists “in what is authentic rather than which has been attempted to be charming”

2 5 nyinvestmentsales.com Chelsea Historic District

Chelsea Historic District Today

Although Chelsea has changed and evolved drastically since the Historic District’s creation in 1977, the overarching character of the area remains intact as a direct result of this Historic District. As aforementioned, Chelsea is avibrant 24/7 community where residents and tourists come to eat, work and shop. The neighborhood remains primarily residential with a mix of tenements, apartments, city housing projects, townhouses or renovated row-houses. The retail businesses in the area are typically “mom-and-pop” local retailers reflecting the diversity of the area’s population. Additionally, Chelsea’s once manufacturing nature has transformed into one of the art capitals of the world with over 200 galleries in the neighborhood.

On a less positive note, in recent years, as Chelsea has gentrified, income disparity has increased substantially with city housing projects flanked by luxury apartment buildings on all sides.

Property Spotlight

402 West 20th Street:

Completed: 1897

Architect: C.P.H. Gilbert

Original Owner: Angelica B. Faber

Original Function: Estate

Excerpt from Landmark report: This apartment house was built in 1897, in the Neo-colonial style, for Angelica B. Faber, a member of the Cushman family, on property originally developed by Don Alonzo Cushman, of whom the building’s name “DONAC” is obviously reminiscent. It was designed by C.P.H Gilbert, the noted architect who designed the Warburg and Stuyvesant mansions on Fifth Avenue. It was skillfully designed, on a narrow lot, and successfully accomplihsed the transition from the deep front yards to the west to the sidewalk building line to the east, by means of a concave bay. The details include quoins and keystones for West Chelsea the window lintels.

402 West 20th Street | Cushman & Wakefield 26 402 West 20th Street | Cushman & Wakefield 33 Michael Gembecki Director +1 212 660 7743 [email protected]

Alessandra Faglione Associate +1 212 660 7722 [email protected]

Austin Fabel Associate +1 212 660 7727 [email protected]

1290 Avenue of the Americas, 8th Floor New York, NY 10104 nyinvestmentsales.com