109-111 W 24th St - Loft/Creative Space FOR SALE


New York, NY 10011- Chelsea
$24,950,000 USD
786-300-2869
109-111 W 24th St, New York, NY for Sale
$24,950,000 USD
Loft/Creative Space - FOR SALE
1/28
null | 7.88% Cap Rate

109-111 W 24th St
New York, NY 10011
Chelsea


HIGHLIGHTS

  • Leases out for all remaining vacant floors supporting projections
  • The subject has been renovated with brand new finishes, an elevator, and electric throughout.
  • Live work loft capabilities and flexibility
  • The sale has a projected 7.02% cap rate with ability for an owner/ end-user option.
  • There are open floor plans or the ability to subdivide.
  • The building benefits from 90 feet of retail storefront frontage - great for flagship investment.

OVERVIEW

SERHANT. and Okada & Co. has been exclusively retained to represent 111 West 24th Street for sale. Nestled in the heart of NoMad, where timeless architecture meets modern innovation, 111 West 24th Street presents a generational opportunity to acquire a seven-story, 46,560-square-foot commercial building with a distinguished past and unparalleled potential. Situated just steps from Madison Square Park, the Flatiron Building, and Chelsea, this full-building asset blends historic charm with forward-thinking design and use flexibility. Originally constructed in 1902 as a commercial stable, the building has been transformed into a striking office and retail destination. It retains its buff-brick façade and classical pediment while offering a modern elevator, rooftop access, and state-of-the-art interiors. The asset encompasses six full-floor office levels and 11,500 square feet of retail across the ground floor and basement, all situated on a 50 x 115 ft lot in a high-demand commercial zone (C6-4X, M1-6). With a current occupancy mix of leased, vacant, and IMD-designated units, 111 West 24th Street offers immediate leasing upside and long-term repositioning value. Projected gross income stands at $2.4M with a net operating income of $1.96M, representing a 7.02% cap rate at a $28M valuation. The asset is further bolstered by its tax class 4 designation and exemption status, allowing for capital-efficient operation. From its iconic architectural heritage to its strategic Midtown South location, 111 West 24th Street is a landmark-ready for its next chapter—ideal for value-add investors, owner-users, or visionary developers looking to claim a piece of New York City’s evolving commercial core.

FOR SALE DETAILS

PRICE

$24,950,000 USD

PRICE/SF

$536 USD /SF

CAP RATE

7.88%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Loft/Creative Space

ADD'L SUBTYPES

Storefront Retail/Office, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

7

BUILDING CLASS

B

YEAR BUILT

1902

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,711 SF

ZONING

C6-4X/M1-6

APN/PARCEL ID

0800-0033

ASK ABOUT THIS PROPERTY

Jade ShenkerSerhantMore Info
786-300-2869

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Jade ShenkerSerhantMore Info
786-300-2869

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.