224-228 Eighth Avenue

Avison Young has been engaged by ownership as exclusive agent to sell 224-228 Eighth Avenue (the “Properties”), two contiguous mixed-use walk-up buildings in the heart of the Chelsea submarket of Manhattan. Featuring 80 feet of frontage on the east side of Eighth Avenue between West 21st and West 22nd Streets, the six-story buildings encompass 31,705± total gross square feet across forty-four (44) residential apartments and four (4) commercial spaces. The Properties have been under the same ownership for 47 years. Of the forty-four (44) residential units, twenty-three (23) are free-market, and twenty-one (21) are rent stabilized. The free-market units are comprised of eighteen (18) two-bedrooms and five (5) one bedrooms. Significant untapped potential can still be captured effortlessly by maximizing floorplans and implementing cosmetic upgrades throughout the units and common areas. Further value can be captured through unit combinations. The average rent of the rent-stabilized units is $1,460/month. Of the four commercial spaces, three are occupied by Lovely Nail Salon, Shack 420, and Ricky Convenience. Given the location of these buildings, a new owner should be able to seamlessly lease up the remaining vacant storefront. Located in Chelsea, the Properties are within walking distance of all the amenities the neighborhood has to offer. 224-228 Eighth Avenue offers a potential investor the opportunity to acquire an irreplaceable asset in the heart of Chelsea. The Properties’ proximity to Chelsea Market, The High Line, The Meat Packing District, The Hudson River Greenway, and Madison Square Park, along with its access to public transportation, make this a one-of-a-kind investment opportunity.