242 West 27th Street, NYC

Investment Highlights:

Meridian Investment Sales is pleased to present 242 West 27th Street, a 7-story, 17,500-square-foot mixed-use office and retail building located in the heart of Chelsea, directly across from the Fashion Institute of Technology’s main campus. The property features 1,000 square feet of fully-leased retail generating stable income through 2034, and 16,500 square feet of office space, including 8,600 square feet currently vacant and 2,600 square feet on month-to-month leases—offering significant upside through new leasing at market rents. With 25 feet of frontage and strong visibility along 27th Street, the building benefits from excellent transit access, just steps from the 1, 2, 3, A, C, and E subway lines and a short walk from Penn Station.

Zoned C6-2A with R8A equivalent zoning, the property allows for a base residential FAR of 6.02 and up to 7.20 with inclusionary housing—opening the door for potential residential or dormitory conversion. Positioned in one of Manhattan’s most vibrant and culturally rich neighborhoods, the asset is surrounded by top-tier amenities, art galleries, boutique hotels, and educational institutions. With its flexible zoning, prime location, and dynamic leasing profile, 242 West 27th Street offers investors a rare opportunity to unlock value through re-leasing, repositioning, or redevelopment.