115 Seventh Avenue
115 Seventh Avenue
Chelsea, Manhattan
Prime Development Site Located in the Burgeoning Chelsea Neighborhood
| Asking Pricing | $25,000,000 |
|---|---|
| Type | Development Site |
| Neighborhood | Chelsea, Manhattan |
| Lot Size | 5,296 Square Feet |
| Zoning Code | C6-3A (R9A Equivalent) |
| Size | 54,826 Square Feet |
Investment Highlights:
Meridian Investment Sales is pleased to present the exclusive offering for 115 Seventh Avenue – a prime development site located in the burgeoning Chelsea neighborhood of Manhattan. Located at the southeast intersection of Seventh Avenue and West 17th Street, 115 Seventh Avenue features 153’ of prime wraparound frontage and allows investors to develop an as-of-right 54,826 SF luxury mixed-use property. This as-of-right total includes 15,000 SF of transferred excess developing rights from the neighboring Rubin Museum of Art at 142-154 West 17th Street. Further, Greenberg Traurig’s zoning analysis presents additional strategies to potentially increase the as-of-
right residential FAR and is available upon request. Situated within the favorable C6-3A zoning district, investors will have the opportunity to develop a variety of uses including residential, retail, or office. The site will be delivered 100% vacant and is currently a 39,826 SF seven-story shell building. Therefore, investors will be able to reposition the existing structure and utilize the 15,000 SF of additional air rights or demolish the existing structure and construct a premier 54,826 SF mixed-use asset in one of the most exclusive and luxurious neighborhoods in Manhattan.
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