PRESS RELEASE: Avison Young Announces $11 Million Sale of Retail Condominium at 300 West 23rd Street1 Dec 2020
Tri-State Investment Sales group successfully sells retail condo located at the base of building in desirable Chelsea submarket in Manhattan
New York– The Tristate Investment Sales group for Avison Young announced the sale of 300 West 23rd Street, a 12,110-square-foot retail condominium at the base of a 21-story “condop” building, located on the Southwest corner of 8th Avenue and West 23rd Street. The property sold for $11,000,000.
An Avison Young team led by Brandon Polakoff, Senior Director, Brent Glodowski, Director, James Nelson, Principal and Head of Tri-State Investment Sales, Angela Mulder, Senior Associate, and Associate Jeremy Stenberg, negotiated the sale of the asset on behalf of ownership.
“This was a rare opportunity to acquire a prime Chelsea corner retail asset with extensive frontage and foot traffic, as well as a diverse tenant base, all at a highly attractive price point,” notes Polakoff. “Avison Young’s targeted marketing campaign generated substantial bidding on the property from multiple investors within three weeks of marketing and we’re pleased to announce its final sale shortly thereafter.”
The 300 West 23rd Street property is situated in the desirable Chelsea neighborhood of Manhattan and features over 210 feet of wraparound frontage, including over 100 feet of frontage along West 23rd Street and over 113 feet of frontage along 8th Avenue. The property is comprised of 8,450 square feet above grade space and 3,660 square feet below grade space.
The property, which last sold in 1993, is divided into five units leased on a long-term basis to numerous recognized brands including Starbucks, the Vitamin Shoppe, Asuka Sushi, and QQ Nails & Spa, all of which are currently open for business. The property also includes one smaller 1,050 square-foot vacant space.
The property is ideally located within walking distance of several of New York’s most iconic landmarks including Madison Square Garden, the Empire State Building, Hudson Yards, the High Line, and Chelsea Market. The property is also conveniently located near major transit hubs such as Penn Station and the Port Authority as well as many subway lines. The property is also nearby several popular restaurants and cafes.
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Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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