504 West 24th Street

Chelsea, New York, New York 10011

$22,500,000  

Listing ID Number

24992

Property Description

A newly developed block-through gallery located directly beneath The Highline with 50' of frontage on West 24th Street and 36.5' of frontage on West 23rd Street between 10th and 11th Avenues. The 8,504 square foot space features 16'-23' ceiling heights and is NN leased to Lisson Gallery through March 2031 who pays $1,004,250 per year ($118/SF) with 3% annual escalations. Their lease features a corporate guaranty from their London based parent company who operates galleries in London and Milan (Lisson Gallery London LTD) and has over $10 Million of assets. It is located one block from the elevator entrance to The Highline at 23rd Street and two blocks from the C and E train stops at 23rd Street. The space experiences tremendous foot traffic from people traversing The Highline and residents of the new developments surrounding the space. This is a great opportunity to acquire a high cash flowing and well renowned gallery in a prospering and rapidly growing area of West Chelsea.

Overview

Building Type:Commercial Buildings

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

James P. Nelson
Vice Chairman
(212) 660 7710
james.nelson@cushwake.com

Brock Emmetsberger
Senior Managing Director
(212) 660 7776
brock.e@cushwake.com

Carly Weinreb
Senior Associate
(212) 589 5114
carly.weinreb@cushwake.com

Billy Simons
Director
(212) 660 7794
billy.simons@cushwake.com


Property Images

Click the image for a high resolution version.

<     /     >

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.