- New Developments
163 West 23rd Street - Chelsea, New York
INVESTMENT HIGHLIGHTS~ The Kelly Team at Douglas Elliman is proud to present 163 West 23rd Street, a 28' wide, six (6) story elevatored Loft building located on the North side of 23rd Street between 6th and 7th Avenues in Manhattan. This prewar Loft building, known as The Traffic Building, was built in 1931 by architect Abraham Fisher. The historical façade features prewar details such as Celtic-design terra cotta panels and herring-bone brickwork.West 23rd Street is a bustling 4 lane retail and residential corridor anchored by Eataly and Madison Square Park to the east and The Highline and Chelsea Piers to the west.Spanning approximately 17,000 gross square feet, the building contains 8 units, comprised of one retail space, 4 floor-through units with direct elevator access, and one floor divided into 3 Class-A units. One of the floor through units is vacant and the other three remain on a month-to-month basis. 2 of the 3 shared floor tenants are also month-to-month and the third has a below market lease that runs through 06/2017. The Retail tenant is a long term tenant with a stable payment history. The retail lease is under market at $70/sqft and runs through 12/2024.The building is zoned C6-3X and is built with a 5.4 FAR, with a maximum commercial FAR of 6.0 and a FAR of 9 allowed for Residential use (11,354 sqft of unused air rights).163 West 23rd Street presents investors with the opportunity to increase the income through market rate rent, or redevelop the asset. The unused air rights have a significant value as well and may be sold or used in conjunction with redevelopment.The projected NOI is approximately $617,000 annually continuing the existing use as an office building with retail.
This listing courtesy of Douglas Elliman
575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2017 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.