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Deals & Dealmakers

Chelsea corner expected to draw crowds

Eastern Consolidated is offering a retail condo in Chelsea’s popular art gallery district for $16 million.

545-547 West 20th Street is already home to the Elizabeth Dee Gallery and has a 4,800 s/f availability that would suit a tony restaurant, according brokers.

Brad Cohen, senior director at Eastern Consolidated, along with Evan Papanastasiou and Gary Meese exclusively are representing ownership in the sale of the offering, which comprises, 7,200 s/ft on the ground floor and 2,000 s/f in the basement split into two retail units — a 4,800 s/f corner space, which will be delivered vacant, and a 2,400 s/f in-line space occupied by Elizabeth Dee. There is an additional 1,000 s/f of basement storage space, 100 feet of contiguous frontage, 13 ft. ceilings and exposed brick.

“This retail condominium at 545-547 West 20th Street is prime for an upscale restaurant or art gallerist as it benefits from an outstanding corner location steps away from an entrance to The High Line and Chelsea Piers,” said Cohen.

“Additionally, its immediate proximity to a dynamic mix of leading art galleries, shopping, hotels and dining is complemented by high visibility from tens of thousands of drivers on the West Side Highway.”

Added Papanastasiou: “This retail asset presents investors with a great opportunity to acquire a prime West Chelsea corner with in-place income that also has upside in the near and long term.  It is also a rare opportunity for a restaurateur or a high end gallery to control their own space in this highly desirable live/work/play neighborhood that continues to rapidly transform and flourish with new developments, an active retail market and rising rents.”

Other neighboring tenants include the future office, retail, dining and entertainment destination, Super Pier; The High Line Hotel; The IAC Building; elite gallerists Gagosian and Pace; and popular restaurants Danny Meyer’s Porchlight, Morimoto, Toro and Tenth Avenue Cookshop, among others.

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