159 West 23rd Street

BKREA has been exclusively retained to arrange the sale of 159 West 23rd Street (the “Property”), a five-story, mixed-use building located on the north side of West 23rd Street between Sixth and Seventh Avenues in Manhattan’s vibrant Chelsea neighborhood. The Property comprises six residential units and one retail unit. The retail unit spans the entire ground floor, the second floor, and a portion of the lower level. The retail space is occupied by Inked, a popular tattoo parlor, whose lease expires in May 2034. The building contains approximately 8,948 gross square feet (per a survey available in the data room) and is situated on a 2,452-square-foot lot with 25 feet of frontage. Of the six residential units, three (50%) are free-market units, one (16.67%) is rent-stabilized and currently occupied, and two (33.33%) are rent-stabilized and vacant. The documentation has been thoroughly reviewed by K&F PLLC, a leading landlord and tenant law firm. Their analysis is available in the data room. The residential component consists predominantly of two-bedroom apartments, along with one three-bedroom unit and one one-bedroom unit. From a development perspective, the air rights are not included in the offering, as ownership has already transferred them. Ideally situated in the heart of Chelsea, the Property is well-positioned to benefit from the neighborhood’s strong and enduring demand drivers. Chelsea is a premier retail corridor and cultural hub, home to some of Manhattan’s most sought-after amenities, including Madison Square Park, the High Line, and Chelsea Market. The Property also offers excellent connectivity throughout Manhattan and the outer boroughs via multiple nearby subway lines, including the 1 line at 23rd Street / Seventh Avenue and the F and M lines at 23rd Street / Sixth Avenue. 159 West 23rd Street represents a compelling opportunity for investors seeking stable cash flow and entry into a high–barrier-to-entry market.BKREA has been exclusively retained to arrange the sale of 159 West 23rd Street (the “Property”), a five-story, mixed-use building located on the north side of West 23rd Street between Sixth and Seventh Avenues in Manhattan’s vibrant Chelsea neighborhood. The Property comprises six residential units and one retail unit. The retail unit spans the entire ground floor, the second floor, and a portion of the lower level. The retail space is occupied by Inked, a popular tattoo parlor, whose lease expires in May 2034. The building contains approximately 8,948 gross square feet (per a survey available in the data room) and is situated on a 2,452-square-foot lot with 25 feet of frontage. Of the six residential units, three (50%) are free-market units, one (16.67%) is rent-stabilized and currently occupied, and two (33.33%) are rent-stabilized and vacant. The documentation has been thoroughly reviewed by K&F PLLC, a leading landlord and tenant law firm. Their analysis is available in the data room. The residential component consists predominantly of two-bedroom apartments, along with one three-bedroom unit and one one-bedroom unit. From a development perspective, the air rights are not included in the offering, as ownership has already transferred them. Ideally situated in the heart of Chelsea, the Property is well-positioned to benefit from the neighborhood’s strong and enduring demand drivers. Chelsea is a premier retail corridor and cultural hub, home to some of Manhattan’s most sought-after amenities, including Madison Square Park, the High Line, and Chelsea Market. The Property also offers excellent connectivity throughout Manhattan and the outer boroughs via multiple nearby subway lines, including the 1 line at 23rd Street / Seventh Avenue and the F and M lines at 23rd Street / Sixth Avenue. 159 West 23rd Street represents a compelling opportunity for investors seeking stable cash flow and entry into a high–barrier-to-entry market.