3-Story Mixed-Use Building For Sale

Description:

Ariel Property Advisors has been retained on an exclusive basis to sell a mixed-use SRO building, located on 8th Avenue between West 20th and 21st.

The Asset: Positioned in the absolute heart of Manhattan's iconic Chelsea neighborhood, 203 8th Avenue represents a rare, high-upside real estate asset with incredible repositioning potential. The property features (1) ground-floor commercial space with use of the full basement and (12) SRO units above (6 are vacant). The building is built full 25 ft x 100 ft on the ground floor, and there is a second-floor office at the rear of the ground floor commercial space. The 2nd and 3rd floors are built 25' x 50'.

The Location: Chelsea is world-renowned as Manhattan's premier contemporary art district, home to hundreds of elite galleries. Residents are just blocks away from iconic NYC landmarks. The property is situated just 2 blocks from C & E trains, 3 blocks from the 1 train, 4 blocks from the Path and F&M trains, and 6 blocks from the A, C, E, & L Hub. 203 8th Avenue is situated close to the lush, elevated landscapes of The High Line, the bustling culinary and retail halls of Chelsea, the scenic waterfront recreation, piers, and greenways at Hudson River Park and surrounded by galleries and art museums such as The Whitney.

The Opportunity: True value-add opportunities on a prime Manhattan avenue are rare. Half of the SRO units are Vacant and the retail rent is below-market.

The Conclusion: This is a rare opportunity to acquire a mixed-use building with Avenue frontage in Chelsea at a compelling price point.

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