PARTNERS: Private Investors
PROPERTY: 5 stories; 48 apartments, 1 retail unit
Located in West Chelsea, these mixed-use properties are three adjacent, 5-story residential buildings with 5,400 square feet of retail spanning the ground floors. The properties have a combined 48 apartments that are a mix of studios and one-bedroom units.
West Chelsea is one of the most vibrant and desirable neighborhoods in New York City. This property sits directly across the street from the High Line and is within walking distance of many of the area's amenities including Chelsea Market, Hudson River Park and Chelsea Piers. The neighborhood also offers many celebrated art galleries, cafes and stores and has recently benefited from the influx of tech and media firms such as Goggle, Twitter, Tesla, Hewlett-Packard, The Food Network, Major League Baseball Advanced Media, Oxygen Media and Time Warner.
Since the completion of the High Line and the 2006 rezoning of Tenth and 11th Avenues to allow for residential development, West Chelsea has seen a residential boom over. From 2005 to 2013 residential floor area in West Chelsea has increased by approximately 70%. This development is continuing with numerous projects under construction by well known architects. Many are set to open within the next year. 146-150 Tenth Avenue sits in the middle of all the area has to offer.