157 24Th StNew York, NY 10011

This exceptional 2,100 square foot development site in Manhattan's coveted Chelsea neighborhood presents a unique investment opportunity. Located on West 24th Street, between 6th and 7th Avenues, this fee simple property boasts an approved residential plan for a building with 23 one-bedroom apartments and ground-floor retail space. The lot, measuring approximately 21' x 100', offers a substantial buildable square footage of 18,500 square feet. The asking price is $10,000,000, translating to a land value of $500-$600 per square foot. The property is zoned M1-6. Pro forma projections indicate a NOI of $1,500,000 and a 15% cap rate. This prime location benefits from proximity to Chelsea Market, the High Line, numerous art galleries, and high-end residential properties. The vibrant neighborhood attracts a diverse population, including celebrities and affluent residents. This is an exceptional opportunity to develop a high-value residential project in one of Manhattan's most desirable areas. The property is offered as a fee simple ownership.