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Chelsea Trophy Apartment Building|Income Producing|Residential + Commercial

By Stefany Blount

Real Estate Agent with MRG.NYC

October 17, 2011 03:52 PM

Stefany | Rutenberg Realty, LLC | (646) 450-8871

Chelsea District. Manhattan, New York, NY

Chelsea Trophy Residential Apartment Building With Commercial on First Floors - High Income

9+BR/9+BA Multi-Family, 42 units

Please Call for Current Pricing

Year Built	1987
Sq Footage	Unspecified
Bedrooms	Call
Bathrooms	Call
Floors	Call
Parking	Call
Lot Size	Call

DESCRIPTION

A modern, 75’ wide, 15-story elevatored apartment building constructed in 1987. Located at Avenue of the Americas and Seventh Avenue, this trophy property occupies one of the most central and distinguished locations in Manhattan’s fashionable Chelsea neighborhood.

Consisting of +/- 50K gross square feet above grade and containing 40+ apartments and two retail units, the property was positioned for condominium conversion in 2007 with extensive apartment renovations featuring condo-level finishes to all but 9 of the 40+ units. Apartment layouts consist of three-bedroom/2.5-bath units, 18 two bedroom units (of which 12 have 2 baths and 6 have 2.5 baths) one-bedroom/1.5 bath units, and 12 one-bedroom.1-bath units.
Each apartment has spectacular light and its own outdoor terrace. Nine units on the 12th floor and above have working fireplaces.

The residential rents currently average approximately $3,900 per month, which translates to roughly $56.00 per net rentable sq. ft. With additional air rights of approximately 10K BSF and comparable rental units in the neighborhood commanding rents in excess of $75 per sq. ft., there is ample opportunity to add further value to this prime asset.

Additionally, there are two retail spaces in the property totaling 5K+ SF on the ground and 4,535 SF in the lower level. Including tax escalations, the current rent is equivalent to approximately $101.00 per PSF for the ground floor and $40.00 PSF for the basement. The other retail space is occupied by a well known salon, occupying 2,336 SF on the ground floor with a lease expiration of November 2015. Current rent for this tenant totals approximately $85 PSF.

see additional photos below