Chelsea Market | New York, NY
Mixed use 1.2 million sq. ft. industrial & manufacturing building
Investment Opportunity at Acquisition
- The 1.2 million sq. ft. Chelsea Market, located on border of Chelsea and Meatpacking District, was acquired on an off-market basis as part of a five-building portfolio from a distressed seller.
- Opportunity to reposition the asset from primarily industrial & food manufacturing into a retail anchored hub for creative office users.
- At acquisition average net lease rates under $10 per sq. ft.; opportunity to reposition the building and significantly increase rents.
Strategy
- Major Repositioning
