Eastern Consolidated has gotten the exclusive rights to market Tavros Capital Partners’ majority stake at 537 West 27th Street, known as High Line 537 for $50 million.
Located in Manhattan’s West Chelsea neighborhood between 10th and 11th Avenues, the residential apartment building has 47, 000 square feet of space. It has 29 units with nine foot high ceilings. There is a further 27, 000 square feet of retail space spread out over the ground and lower levels with 15 and 20 foot high ceilings respectively. It was opened in 2011 and has 5 floors above ground.
High Line 537 offers custom designed studio to two bedroom residences with condo-quality finishes, many with spacious, private outdoor spaces. Gallery entrances, spacious open layouts, bay windows, high ceilings, walk-in-closets, central air and polished blonde oak floors.
Building amenities include a newly landscaped 5, 000 square foot roof with 360 degree views – the Hudson River to the West, The High Line and beyond to the East and the cityscape North and South. There is also a doorman, concierge, laundry room and a fitness room.
Brian Ezratty, Vice Chairman at Eastern Consolidated. Said, “This is an exceptional opportunity to acquire substantial interest in a multifamily residential asset that maintains a fully-stabilized operation and cash flow. With today’s continually improving market rents, the property offers upside potential as leases roll over and can be further monetized through future conversion to condominium ownership.”
StreetEasy describes Chelsea as, “a palette for the senses. Function and beauty intertwine throughout the bohemian streets surrounding Chelsea Muse, from the industrial, farmer-style stalls of Chelsea Market to the gaze-worthy architecture from Frank Gehry and Jean Nouvel. Art inhabits every corner, prompting a slower gait and handheld cappuccinos at famous stops like Gagosian Gallery, Cheim & Read and Mary Boone. Chelsea takes its flavor profile seriously: the booming neighborhood boasts sweet treats at La Bergamote and Billy’s Bakery and savory evenings at critically acclaimed restaurants like Morimoto, Del Posto, Cookshop, and Artichoke Pizza. Here, the night only ends when you want it to. Manhattan’s most exclusive nightclubs are housed within Chelsea’s streets. Live the portrait on the newly sculpted High Line, New York’s lush park in the sky. Chelsea Muse is mere steps from the 28th street exit.”