118 West 27th Street, New York, NY, 10001, US

118 West 27th Street

Attributes

Building area gross

4,031 m²

Rentable area

4,127 m²

Number of floors

Occupancy

58%

Year built

1910

Zoning

M1-6

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 118 West 27th Street (“The Property”), a newly renovated, 44,421 RSF mixed-use building in the heart of Chelsea. The 12-story, prewar elevatored building features 37.5’ of frontage on the south side of West 27th Street between Sixth and Seventh Avenues.

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Investment Highlights

Newly Gut-Renovated Asset: The Property’s interior recently underwent an extensive renovation. The building contains two (2) elevators (1 passenger & 1 freight), a contemporary lobby, newly installed butterfly intercom system with key card access plus fingerprint access into each unit, new plumbing, and upgraded electric and sprinkler systems. The residential rental units showcase modern finishes, high ceilings, hardwood floors, stainless steel appliances, oversized windows, and in-unit washer/dryers. Additionally, several of the apartments have elevator access directly into their apartment. These upgrades will allow a prospective owner to command higher rental rates and attract quality tenants.

Diverse Tenancy: 118 West 27th Street features a unique tenant mix inclusive of luxury residential, commercial office, retail and IMD tenants. Multi-tenancy offers various advantages including a diversification of income streams, potential for higher rental rates, and an opportunity to create a “live/work/play” environment.

User Potential: Currently, 118 West 27th Street contains three (3) vacant loft-style office spaces across three (3) consecutive floors, creating a unique opportunity for an office user to occupy approximately 11k RSF in a newly gut-renovated building. This will allow a user to benefit from the rights of ownership while also capitalizing on the in-place cash flow being generated by the building.

Excellent Connectivity: The Property is situated within a few blocks of several subway stations which service a multitude of subway lines including the 1, 2, N, Q, R, W, A, C, and E . Furthermore, the PATH station is less than five (5) blocks to the south, which offers connectivity to stops in New Jersey including Hoboken, Newark, and Journal Square. Finally, the famous Penn Station transit hub is approximately a half mile from the Property, granting all tenants access to Amtrak, LIRR, and NJ Transit.

Prime Location: Chelsea is one of Manhattan’s most premier cultural enclaves, featuring a plethora of globally recognized art galleries, historical landmarks, tourist attractions, restaurants, shops, and nightlife options. This creates a dynamic environment that is ideal for both residents and workers alike.