118 W 27th St | New York, NY 10001
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118 W 27th St
New York, NY 10001
Office Property For Sale
Investment Highlights
- Newly Gut-Renovated Asset
- User Potential
- Prime Chelsea Location
- Diverse Tenancy
- Excellent Connectivity
Executive Summary
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 118 West 27th Street (“The Property”), a newly renovated, 44,421 RSF mixed-use building in the heart of Chelsea. The 12-story, prewar elevatored building features 37.5’ of frontage on the south side of West 27th Street between Sixth and Seventh Avenues.
The Property contains a total of seventeen (17) units across twelve (12) stories with the tenant mix featuring a unique blend of residential, office, interim multiple dwelling (“IMD”), and retail. The residential component consists of 7 rental units with condo quality finishes, in addition to six (6) IMD units which are governed by the Loft Law. The office portion of the asset is composed of three (3) full-floor units, each totaling 3,703 RSF approximately. Finally, there is approx. 3,700 SF of retail on the ground floor which will be delivered vacant. Currently, 58% of the Property is occupied, allowing prospective investors to capitalize on the newly renovated space and strong leasing dynamics in the Chelsea submarket.
The Property contains a total of seventeen (17) units across twelve (12) stories with the tenant mix featuring a unique blend of residential, office, interim multiple dwelling (“IMD”), and retail. The residential component consists of 7 rental units with condo quality finishes, in addition to six (6) IMD units which are governed by the Loft Law. The office portion of the asset is composed of three (3) full-floor units, each totaling 3,703 RSF approximately. Finally, there is approx. 3,700 SF of retail on the ground floor which will be delivered vacant. Currently, 58% of the Property is occupied, allowing prospective investors to capitalize on the newly renovated space and strong leasing dynamics in the Chelsea submarket.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
43,393 SF
Building Class
B
Year Built
1910
Price
$15,000,000
Price Per SF
$346
Cap Rate
6.60%
NOI
$990,000
Percent Leased
83%
Tenancy
Multiple
Building Height
12 Stories
Typical Floor Size
3,703 SF
Building FAR
11.07
Land Acres
0.09 AC
Zoning
M1-6 - Light industrial with offices, hotels and most retail uses permitted.
Amenities
- Air Conditioning
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $9,724,140 | |
| Land Assessment | $2,241,000 | Total Assessment | $11,965,140 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,241,000
Improvements Assessment
$9,724,140
Total Assessment
$11,965,140
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