Property Description

AIR RIGHTS ARE 21,000 BUILDABLE. INVESTMENT OPPORTUNITY: 525 West 29th StreetHigh-Yield Mixed-Use Asset | Direct High Line FrontagePURCHASE PRICE: $8,500,000AIR RIGHTS: ~21,000 SF (Market Valuation: $300/SF)Executive SummaryFor a 1031 exchange or private owner private residence in New Yorks premier location. This is one of a few rare gems left in NY to own! A rare acquisition opportunity in Manhattan's premier West Chelsea Art District. This property offers a stabilized, low-overhead income stream with a massive equity harvest potential via 21,000 SF of air rights.Annual Financial Pro FormaGross Operating Income: $410,600Restaurant: $234,000 (Occupied)Gallery: $96,000 (Projected / Vacant)Residential: $45,600 (Under Market)Tax Reimbursement: $35,000 (Anchor Tenant Share)Annual Expenses: $56,000RE Taxes (Owner Share): $35,000Insurance: $21,000Utilities & Maintenance: $0 (100% Tenant Responsibility)NET OPERATING INCOME (NOI): $354,600PROJECTED CAP RATE: 4.17%The 1031 Exchange Play - Or Glamorous Single Residence - or Buildable Developer An investor can satisfy a 1031 requirement at $8.5M and subsequently liquidate the air rights (valued at approx. $6.3M) to a neighboring developer. This reduces the net basis in the building to $2.2M, resulting in a staggering 16%+ yield on the residual asset.DISCLAIMER: Figures are approximate. Consult with an Attorney and Architect to verify zoning, FAR, and transferability.

Property Features