October 17, 2019 Comments Off on Chelsea Multifamily Comes to Market with Air Rights Views: 416 Downtown New York, New York News

Chelsea Multifamily Comes to Market with Air Rights

The tri-state investment sales group for Avison Young is marketing for sale a four-story, 7,867-square-foot mixed-use multifamily property at 304 Eighth Ave. in Chelsea. The asking price is $9 million.

An Avison Young team comprised of directors Mitchell Levine and David Shalom, associate director Toku Saito and associate Carter Lovejoy are representing the unidentified owner in the offering.

“This property provides a unique opportunity for owner-operators and developers alike in the highly sought-after Chelsea neighborhood,” said Levine. “Beyond 304 Eighth Ave.’s fantastic location, the property includes an additional 6,984 square feet of air rights, allowing for a complete renovation and build-up to almost double its current square footage.”

The property has more than 24 feet of frontage on the eastern side of Eighth Avenue. The sole remaining retail tenant is in-place on a month-to-month basis paying below-market rent, meaning the property can also be delivered completely vacant.

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