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$ 8,500,000
Est. payment | /mo
$ 8,500,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 990168
Rental Info No
Annual Tax Amount $70,000
Property Sub-Type Mixed Use
Source onekey2
Property Description
AIR RIGHTS ARE 21,000 BUILDABLE.
INVESTMENT OPPORTUNITY: 525 West 29th Street
High-Yield Mixed-Use Asset | Direct High Line Frontage
PURCHASE PRICE: $8,500,000
AIR RIGHTS: ~21,000 SF (Market Valuation: $300/SF)
Executive Summary
For a 1031 exchange or private owner private residence in New Yorks premier location. This is one of a few rare gems left in NY to own!
A rare acquisition opportunity in Manhattan's premier West Chelsea Art District. This property offers a stabilized, low-overhead income stream with a massive "equity harvest" potential via 21,000 SF of air rights.
Annual Financial Pro Forma
Gross Operating Income: $410,600
Restaurant: $234,000 (Occupied)
Gallery: $96,000 (Projected / Vacant)
Residential: $45,600 (Under Market)
Tax Reimbursement: $35,000 (Anchor Tenant Share)
Annual Expenses: $56,000
RE Taxes (Owner Share): $35,000
Insurance: $21,000
Utilities & Maintenance: $0 (100% Tenant Responsibility)
NET OPERATING INCOME (NOI): $354,600
PROJECTED CAP RATE: 4.17%
The 1031 Exchange Play - Or Glamorous Single Residence - or Buildable Developer
An investor can satisfy a 1031 requirement at $8.5M and subsequently liquidate the air rights (valued at approx. $6.3M) to a neighboring developer. This reduces the net basis in the building to $2.2M, resulting in a staggering 16%+ yield on the residual asset.
DISCLAIMER: Figures are approximate. Consult with an Attorney and Architect to verify zoning, FAR, and transferability.
INVESTMENT OPPORTUNITY: 525 West 29th Street
High-Yield Mixed-Use Asset | Direct High Line Frontage
PURCHASE PRICE: $8,500,000
AIR RIGHTS: ~21,000 SF (Market Valuation: $300/SF)
Executive Summary
For a 1031 exchange or private owner private residence in New Yorks premier location. This is one of a few rare gems left in NY to own!
A rare acquisition opportunity in Manhattan's premier West Chelsea Art District. This property offers a stabilized, low-overhead income stream with a massive "equity harvest" potential via 21,000 SF of air rights.
Annual Financial Pro Forma
Gross Operating Income: $410,600
Restaurant: $234,000 (Occupied)
Gallery: $96,000 (Projected / Vacant)
Residential: $45,600 (Under Market)
Tax Reimbursement: $35,000 (Anchor Tenant Share)
Annual Expenses: $56,000
RE Taxes (Owner Share): $35,000
Insurance: $21,000
Utilities & Maintenance: $0 (100% Tenant Responsibility)
NET OPERATING INCOME (NOI): $354,600
PROJECTED CAP RATE: 4.17%
The 1031 Exchange Play - Or Glamorous Single Residence - or Buildable Developer
An investor can satisfy a 1031 requirement at $8.5M and subsequently liquidate the air rights (valued at approx. $6.3M) to a neighboring developer. This reduces the net basis in the building to $2.2M, resulting in a staggering 16%+ yield on the residual asset.
DISCLAIMER: Figures are approximate. Consult with an Attorney and Architect to verify zoning, FAR, and transferability.
Location
State NY
County New York (manhattan)
Interior
Heating Baseboard
Cooling Multi Units
Fireplace No
Exterior
Utilities Available Electricity Connected, Natural Gas Connected
Building
Sewer Public Sewer
Water Public
Structure Type Brick
Others
Special Listing Condition None
Listed by Halvatzis Realty Inc • Christina Sidoti
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