155 W 23rd Street, New York, NY 10011

Chelsea, New York, New York 10011

Leasehold Interest For Sale

Listing ID Number

25802

Property Description

Cushman & Wakefield (“C&W”) has been exclusively retained by Ownership to offer for sale the 100% leasehold interest in 155 West 23rd Street (the “Property" or “155 W23”). The 82,104-square-foot Property is strategically positioned between Sixth and Seventh Avenues in the coveted, high-growth Chelsea submarket. 155 W23 boasts 100% occupancy across 76,263 square feet of high-end boutique office space and 5,841 square feet of retail space under a long-term NNN master lease. Ownership has invested $15 million since acquisition to fully modernize the infrastructure and further accentuate 155 W23’s diverse tenant roster in the greater millennial-driven Chelsea landscape. In addition to the revamped infrastructure, all of the tenant spaces have been completely rebuilt to cater to the needs of the innovation tenants that continue to focus on this location. The aforementioned modern tenant spaces, along with the tenants’ inherent high renewal probabilities,help dramatically decrease turnover costs for future ownership.

Located in the heart of Chelsea, 155 W23 is poised to benefit from the more than $50 billion of institutional capital that is being invested in Manhattan’s West Side. Situated at the confluence of the thriving Meatpacking District, Madison Square and the Nomad/Flatiron neighborhoods, Chelsea is positioned to benefit significantly from this surge in both office and residential demand along with the influx of new restaurants and local amenities as the area continues to mature in the coming years. While 155 W23 is 100% leased to a diverse tenant roster, the Offering also represents a tremendous mark to- market opportunity: Average in-place office rents are $71 per square foot (~8% below market) with a five year weighted average lease term. The Property is being offered on a leasehold basis and free and clear of all debt. All inquiries should be directed to Cushman & Wakefield.

Overview

Building Type:Commercial Buildings
Location:North side of 23rd Street between Sixth & Seventh Avenues
Lot Dimensions:60' x 98.75'
Lot Sq Ft:5,925
Stories:12
Zoning:C6-3X
Building Sq Ft:82,104

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Michael Gembecki
Director
(212) 660 7743
michael.gembecki@cushwake.com

Alessandra Faglione
Associate
(212) 660-7722
alessandra.faglione@cushwake.com

Austin Fabel
Associate
212 660 7727
austin.fabel@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.