548 & 554 West 28th Street
New York, NY
Building Overview
- Asking Price Submit Offers
- Square Feet 102,137 SF
- Neighborhood West Chelsea
- Tax Class 4
Avison Young, as the exclusive agent, is pleased to present for sale 548 West 28th Street and 554 West 28th Street (the “Properties”), two adjacent buildings with block-through frontage in the heart of West Chelsea. Together, the Properties comprise 102,137 gross square feet across a six-story office building and an adjacent retail building.
Highlights
An architecturally historic 97,200 GSF six-story office building and a 4,937 GSF retail building
Curb cuts along West 27th and West 28th Street
Located in the West Chelsea Historic District
Flexible zoning allows for a multitude of uses: office, gallery, residential, commercial, etc.
WALT of 2.67 years, offering stable cash flow and near- term rollover upside
Base Residential FAR of 5.0x with ability to increase to 7.5x with Qualifying Affordable Housing or CB4 IH Certificates
Block through with 200' of frontage along W 28th St and W 27th St
In place Historical Tax Credits
Market rents in the neighborhood are ~$100 psf and condo sellouts are over $2,000 psf
Premier West Chelsea location adjacent to the High Line, Hudson Yards, and Chelsea Art District
Surrounded by luxury residential developments, cultural institutions, and global art galleries
Walkable to dining, entertainment, and retail destinations such as Chelsea Market, The James Beard Foundation’s Market 57, and Hudson Yards’ retail corridor
