Chelsea Trophy Apartment Building|Income Producing|Residential + Commercial

By
Real Estate Agent with MRG.NYC
 
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
OTHER SPECIAL FEATURES

- Trendy and Affluent Chelsea Location
- Renovated and Modern Property
- Trophy for any Investors Portfolio
- High Income Building From Luxury Rental and Commercial

 

Contact info:
Stefany
Rutenberg Realty, LLC
40bl1142471
(646) 450-8871
Buyers Agent - Investment
Equal Opportunity Housing
 
Powered by Postlets

 

Posted by

 

  
    Licensed Real Estate Salesperson
     Investment Sales and Rentals 
     P646-450-8871
     Estefany@luxinvestor.com
 
   125 Maiden Lane, No. 2 | New York, NY 10038

A Manhattan Residential Group Company

Twitter XING Facebook Google Plus Page goodreads
Skype LuxInvestor

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
New York New York County Manhattan Chelsea
Groups:
LuxInvestor
Tags:
commercial
investment
investor
income
building
portfolio
trophy

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
35,540
House Sale Advisors Lancaster and Lebanon Counties PA
House Sale Advisors - Quarryville, PA

These rents are incredible! Are you sure someone didn't accidentally move the decimal point?  (c;

Oct 17, 2011 04:08 PM #1
Rainmaker
55,345
Stefany Blount
MRG.NYC - New York, NY
Please, call me Stef.

Ha! I ask my landlord the same question monthly. :)

Oct 17, 2011 04:27 PM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
55,345

Stefany Blount

Please, call me Stef.
How can I help you?
*
*
*
*
Spam prevention

Additional Information