527 West 29th Street (Off Market)

The opportunity presented by 527 West 29th Street can be summed up in a single word: optionality. The flexible zoning on this prime North Chelsea block would permit conversion to residential (either as a single family home or apartments) or mixed use. This imposing 25 ft. wide loft building is currently configured for commercial use, with an art gallery on the ground and mezzanine floors, and three full-floor offices above. As currently set up, the property would make an attractive investment income candidate, particularly now that nearby Hudson Yards has emerged as a hub for major brands in the technology, retail and financial sectors. Alternatively, the neighborhood’s pedigree as an art gallery mecca would make it an attractive home for an art-related foundation or boutique museum. Exploring the range of potential alternative uses, 527 West 29th Street could be reimagined as a grand single-family mansion, complete with a private multi-car garage, a baronially proportioned parlor floor whose gallery-sized walls would be ideal for displaying art, plenty of room for multiple bedrooms, an expansive home office complete with conference room, gym with sauna, wine cellar, a spacious media room and a massive roof terrace with views of the High Line, Hudson River and the gleaming towers of Hudson Yards. Another option would be to adopt a mixed use configuration, with an art gallery, retail or office space on the ground level and residential use on the floors above. The residential component could be single family or three full-floor apartments, each measuring approximately 2,300 +/- square feet. Lastly, this building could be a prime candidate for development as condominiums, with a private “residents only” parking garage on the ground level. Notable features include its impressive scale (the building measures 25 ft by 94 ft), soaring ceiling heights (15 ft on the ground floor, 12 ft on the second and third floors and 10 ft on the top floor), beautiful natural light due to its south-facing position and that exceedingly rare commodity in Manhattan townhouses: a curb cut which would permit the incorporation of a private garage. While the building already encompasses a generous 9,473 +/- interior square feet, it comes with an additional 9,079 +/- square feet of air rights. Priced at a hair above $1,000 per square foot as calculated based on the existing square footage, or approximately $500 per buildable square foot including the air rights, this opportunity represents a compelling value in a dynamic neighborhood at the crossroads of Chelsea and Hudson Yards. 527 West 29th Street is located one block south of Hudson Yards, offering a multitude of world class restaurants, shopping and entertainment, all of which are a stone’s throw away. The block on which the building is located is regarded as one of the best in North Chelsea, as it boasts a number of high-end neighbors, such as the acclaimed condominium development, The Soori High Line, and is book-ended by views of the High Line to the East and the Hudson River to the West. *Buyer should consult their attorney/zoning expert regarding the feasibility of changes in use, including any resulting change in property taxes.