134 W 25th Street

SUB-99 UNIT THRESHOLD — WAGE REQUIREMENT ELIMINATED

At under 99 units, 134 West 25th Street qualifies for 485-x tax benefits without triggering prevailing wage requirements — a meaningful cost advantage that materially improves project economics. This threshold, combined with the Site’s 60,810 ZFA, enables a developer to deliver a 485-x compliant mixed-income residential building at a significantly reduced cost basis relative to larger-scale ground-up development in the submarket.

PROVEN SUBMARKET RENTS SUPPORTED BY NEARBY NEW CONSTRUCTION

Comparable new construction deliveries in the immediate Chelsea submarket demonstrate strong and durable rental demand. Recent and current developments including The Andrea (280 8th Ave) and Chelsea Canvas (278 8th Ave) are achieving effective rents of $137/SF and $130/SF respectively, with a weighted average across five comparable Chelsea deliveries of $128/SF. These figures underscore the depth of rental demand on and immediately surrounding West 25th Street and provide strong underwriting support for the Project’s projected rent profile upon delivery.

OPTIMAL SCALE

The Site features an optimally sized 4,054 SF lot with 50 feet of frontage and clean dimensions, offering developers an efficient and straightforward canvas for construction. With the potential to build up to 60,810 ZFA, the Site balances significant development scale with limited construction complexity.