242 West 27th Street, New York, NY 10001

Investment Highlights:

Meridian Investment Sales is pleased to exclusively present for sale the mixed-use office and retail building located at 242 West 27th Street, a 7-story, 17,500 gross square foot building located directly across the street from the Fashion Institute of Technology’s primary campus. The property consists of 1,000 SF of leased retail, with the remaining 16,500 SF of commercial space currently in use as office.  242 West 27th Street provides 25 feet of valuable frontage on West 27th street, resulting in excellent visibility from a local anchor institution which bolsters demand to the property. 242 West’s location also offers excellent transportation options, including nearby access to major subway lines (1,2,3,A,C, and E) and close proximity to Penn Station, offering seamless connectivity across New York City.

242 West 27th Street benefits from its prime location with strong visibility along 27th Street, where demand remains consistently high due to the area’s desirable demographics and bustling activity. The building’s retail and office spaces are highly versatile, accommodating a wide range of potential tenants, which allows ownership to maximize leasing opportunities and revenue potential. Furthermore, the asset will be delivered with an dynamic leasing profile, with 8,600 square feet currently vacant and 2,600 square feet of month to month leases, allowing for investors to immediately sign new leases at market rates. Currently zoned C6-2A, 242 West 27th Street benefits from R8A equivalent zoning, which allows for a basic residential far of 6.02 or an inclusionary residential FAR of 7.20. With a current FAR of 7.06, investors have the opportunity for residential conversion into free market units or dormitory units as of-right and be grandfathered into its FAR requirements, or convert with partial inclusionary units and increase the building square footage. Situated directly across from the Fashion Institute of Technology’s
main campus, the property is well-positioned to attract users, retail, office, or residential tenants eager to leverage its proximity to a major educational institution and the vibrant Chelsea neighborhood.

Located in the vibrant Chelsea neighborhood of Manhattan, 242 West 27th Street sits in a dynamic and culturally rich area known for its artistic flair and bustling activity. This prime location offers exceptional foot and car traffic, driven by a mix of dense residential buildings and a thriving creative community. Nearby, several notable art galleries, tech offices, and design studios enhance its appeal as a desirable retail and office spot. The neighborhood also benefits from its proximity to luxury boutique hotels, attracting a steady stream of visitors and tourists. Additionally, 242 West 27th Street is just a short walk from Penn Station, a major transportation hub servicing over 600,000 daily passengers and ranking among New York City’s busiest transit points. With its blend of residential energy, professional hubs, hospitality, and unmatched transit access, Chelsea boasts heavy foot traffic alongside low vacancies, making this an outstanding location.