559 West 23rd Street - Agorafy
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 Asking Price
Contact Karlene Channer Senior Executive Assistant [email protected] 646.658.7332
Eastern Consolidated
355 Lexington Avenue New York, NY 10017 www.easternconsolidated.com
Real estate investment services
Notable Galleries Near 559 West 23rd Street
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CHELSEA PIERS SPORTS & ENTERTAINMENT COMPLEX
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1. Andrew Kreps Gallery 2. Tanya Bonakdar Gallery 3. Alexander Gray Associates 4. Galerie Lelong 5. Cheim & Read 6. Gagosian Gallery 7. Gladstone Gallery 8. Luhring Augustine 9. Matthew Marks Gallery 10. The Pace Gallery 11. DeBuck Gallery 12. Danziger Gallery
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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
SF
Ceiling Height
Real Estate Taxes (2016/2017)
$33,371
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
Total
2,034
Cap Rate - Upon Stabilization
5.97%
Per Total SF
$1,598
Condo Size/Ceiling Height (Approximate Measurements)
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
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 Asking Price
Contact Karlene Channer Senior Executive Assistant [email protected] 646.658.7332
Eastern Consolidated
355 Lexington Avenue New York, NY 10017 www.easternconsolidated.com
Real estate investment services
Notable Galleries Near 559 West 23rd Street
559 WEST 23RD STREET E
ST
4
ST
ST
ST
ET
RE
ET
7 9
23
RD
ST
UE
RE
ST
AVE N
8
ST
TH
RE
ET
1
WE
21
25
TEN
12
ST
3
TH
TH
11 WE
Notable Galleries
24
ET
INE
ENUE
10
ST
ST
RE
HL
ST
WE
WE
ST
HIG
WE
6
CHELSEA PIERS SPORTS & ENTERTAINMENT COMPLEX
TH
THE
TH AV
CHELSEA WATERSIDE PARK
26
5
ELE VEN TH
TWELF
1. Andrew Kreps Gallery 2. Tanya Bonakdar Gallery 3. Alexander Gray Associates 4. Galerie Lelong 5. Cheim & Read 6. Gagosian Gallery 7. Gladstone Gallery 8. Luhring Augustine 9. Matthew Marks Gallery 10. The Pace Gallery 11. DeBuck Gallery 12. Danziger Gallery
WE
AVE NU
Notable Galleries
22
ND
ST
RE
ET
2
RE
ET
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
SF
Ceiling Height
Real Estate Taxes (2016/2017)
$33,371
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
Total
2,034
Cap Rate - Upon Stabilization
5.97%
Per Total SF
$1,598
Condo Size/Ceiling Height (Approximate Measurements)
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
