134 W 25th Street

134 West 25th Street, New York, NY, 10001, US

Description

Jones Lang LaSalle (“JLL”) has been exclusively retained to arrange the sale of 134 West 25th Street (the “Property” or “Site”), a prime development opportunity in the heart of Chelsea, Manhattan. This strategically positioned Site features a 4,054 SF lot with 50 feet of frontage on the north side of West 25th Street between Sixth and Seventh Avenues, offering 60,810 ZFA for ground-up residential development. The project will fall under the 99-unit threshold, qualifying for the 485-x tax abatement and City of Yes incentives while eliminating prevailing wage requirements.

...

Attributes

Lot Size

4,054 SF

ZFA

60,810

Zoning

M1-8A / R11, MSX

Resi. MIH FAR

15.0

Media

Investment Highlights

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.