157 West 23rd Street

Chelsea, Flatiron, New York, New York 10011

Listing ID Number

25030

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 157 West 23rd Street, a unique development assemblage at the heart of the desirable Chelsea and Flatiron neighborhoods. The property presents investors with the rare opportunity to acquire a shovel-ready development site that offers up to approximately 138,420 buildable square feet and contains block-through access to 140-142 West 24th Street. The ground floor and basement of 157 West 23rd Street are controlled via a long term lease and provides 35’ of valuable frontage along West 23rd Street for the creation of a grand lobby entrance with double height ceilings. The tower will be constructed at 140-142 West 24th Street. Given that the site is entirely situated within an M1-6 zoning district, it lends itself to several visions to build something spectacular including a world-class hotel and/or office development.

157 West 23rd Street is conveniently straddling two of Manhattan’s most dynamic neighborhoods that are home to popular hotel destinations, including The Hotel Chelsea less than a block west, and iconic office properties that boast the city’s highest asking rents. Notable tenants who have recently signed leases in the area include Nike, Anheuser-Busch, S’well Bottle, Capital One, and Peloton, among others. The property also provides a far-reaching transportation network including direct access to the 1, C, E, R, W subway lines, PATH to NJ, and M23 cross town bus service all within a 1 block radius. Record New York City tourism and the exceptional demand for office space in the immediate area have been catalysts for growth in the local hospitality and office sectors. Prospective developers have the tremendous opportunity to acquire 157 West 23rd Street and capitalize on these favorable market conditions.

Overview

Building Type:Development/Conversion Sites
Location:Midblock on 23rd St. between Sixth & Seveth Avenues with blockthrough access on 24th Street
Section/Block/Lot:1/799/63/64
Lot Sq Ft:7,407
Zoning:M1-6

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

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

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Patrick Yannotta
Director
(212) 660 7791
patrick.yannotta@cushwake.com

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


Property Images

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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.