117 W 24 Street, New York, NY 10011

Chelsea, Flatiron, New York, New York 10011

Listing ID Number

25178

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 113-117 West 24th Street (herein referred to as 117 West 23rd Street), an incredible development opportunity at the heart of the desirable Chelsea and Flatiron neighborhoods. Given that the buildings have already been demolished, the vacant lot presents developers with the ability to acquire a truly shovel-ready site and commence construction immediately. The 75’ x 95’ site is situated in a M1-6 zoning district and lends itself to several visions to build something iconic including a world-class hotel and/or office development. As-of-right, the property permits the development of 71,120 buildable square feet. Current ownership has already acquired air rights from adjacent parcels that are included in the offering and increases the total development potential to 125,500 buildable square feet.

117 West 24th Street is conveniently located on the border of two of Manhattan’s most dynamic neighborhoods that are home to popular hotel destinations, including The Hotel Chelsea 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 C,E,1,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. 117 West 24th Street represents a prime opportunity for developers to capitalize on these favorable market conditions.

Please execute the confidentiality agreement to gain access to additional due diligence material.

Overview

Building Type:Development/Conversion Sites
Location:Mid-block on the north side of 24th street between sixth and seventh avenue
Lot Dimensions:75' x 94.83'
Lot Sq Ft:7,112
Buildable Sq. Ft:71,120
As of Right BSF - 71,120
Available Air Rights:54,380
Zoning:M1-6

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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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.