112 W 15th St, New York, NY, 10011

About This Home

A 20’ wide five-story multifamily building positioned on the south side of West 15th Street between Sixth and Seventh Avenues in the heart of Chelsea and at the nexus of the heart of the West Village, Greenwich Village, Flatiron, and Union Square. The Property offers both investors and users a compelling value-add opportunity to acquire a 100% free market and tax-class 2B protected multifamily asset in a highly desirable location, with clear strategies for rental growth through renovation and mark-to-market, as a live-plus-invest strategy or as a potential single-family residential conversion. The Property encompass 5,810± total gross square feet across the main four-story front building plus a private carriage house in the rear and the six total units include several unique and attractive layouts, all of which are free market. The configuration of the front building is comprised of five units, including a first floor two-bedroom two-bathroom garden duplex with private patio space, two full-floor three-bedroom units, and two one-bedroom units. The rear building offers a unique three-story private carriage house, currently configured as a two-bedroom triplex with a private roof deck and additional private terrace space. The current apartments were renovated over 20 years ago, offering a new investor or end-user the ability to significantly increase the rent roll by performing luxury unit renovations and updates, or converting the property to a single-family residential property. The property also features very low taxes at 10% of EGI with capped increases year-over-year, and approximately 4,218 SF of unused air rights, providing a unique opportunity to unlock future development potential. The surrounding neighborhood, known for its world-class art galleries, dining, and convenience, reinforces the long-term desirability and retention appeal of the location. Additionally, educational institutions such as NYU, The New School, FIT and Cardozo School of Law are located within a few blocks of the Property and the location offers exceptional transportation connectivity, making it one of Manhattan’s most convenient residential enclaves. Residents benefit from direct access to key employment hubs via the nearby 14th Street subway and PATH stations, serving the F, M, L and PATH train lines at Sixth Avenue, which is just one block from the property. Additionally, just two blocks east is Union Square Park and subway station, servicing the 4, 5, 6, N, Q, R, W and L train lines. Investment Highlights: • Prime Chelsea Location: Situated on a desirable tree-lined block between Sixth and Seventh Avenues, surrounded by premier dining, cultural and educational institutions • Low Taxes with Tax Class Protection – Taxes are only 10% of EGI and tax class 2B protected on increases • Significant Value-Add Potential: Clear upside through the renovation of free market units • Multiple Investment Strategies: Investment, live-plus-invest, single-family townhouse conversion • Available Air Rights: Property includes +/-4,218 SF of unused air rights for future development potential