Cushman & Wakefield has gained the exclusive assignment to arrange the sale of two recently upgraded, mixed-use properties located on Tenth Avenue in the center of Manhattan’s vibrant West Chelsea neighborhood.
The two buildings, both situated between 24th and 25th streets, together equal 25,817 square feet in sIze. Directly opposite the prestigious Avenues: The World School, the sites are under separate ownership and are available for acquisition either together or individually.
The first building, offered at $28 million, is 246-248 Tenth Avenue. The second is 244 Tenth Avenue, which carries an offering price of $12.5 million.
“This is a rare opportunity to acquire 75 feet of frontage in a prime West Chelsea location across the street from a widely renowned private school,” said Brock Emmetsberger, the Cushman & Wakefield senior managing director leading the sales team. “With mostly recently renovated units, these are highly desirable, low-maintenance assets.”
Consisting of two contiguous, walkup structures, 246-248 Tenth Avenue is a five-story, 19,721-square-foot building with a penthouse duplex. Its interior and exterior were both recently renovated. With 49.65 feet of frontage, the site’s fifteen-unit apartment roster includes thirteen at market rate, one rent-stabilized residence, and one rent-controlled space. The ground floor has housed Bottino, a classic Tuscan restaurant, since 1996. Its owners recently signed a fifteen-year lease extension.
The second nearby property is 244 Tenth Avenue, a 6,096-square-foot, five-story building comprised of ground floor retail space with eight luxury apartments above. Floors two through four feature two two-bedroom apartments, while the fifth floor houses two three-bedroom duplexes with private outdoor space. With 24.4 feet of street frontage, the building recently underwent a full gut renovation.
Mr. Emmetsberger noted that West Chelsea has evolved into a cultural epicenter of downtown Manhattan, with some of the city’s finest restaurants, shopping, art and architecture. The properties are located in close proximity to the High Line, Chelsea Waterside Park, Clement Clarke Moore Park and Hudson Yards.
“These are turnkey, mixed-use assets in a prime location,” he said. “They offer investors immediate cash flow paired with long-term upside as the neighborhood continues to develop.”
Members of Mr. Emmetsberger’s marketing team include Hall Oster, Teddy Galligan and Billy Simons.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
