Retail

507 West 24th Street, New York, NY 10011 — West Chelsea Retail

Asking Rent: $40,000/month
Size: 3,900 SF
Property Type: Retail
Neighborhood: West Chelsea (High Line District)

Property Overview

Modern mixed-use building located along the High Line corridor in prime West Chelsea.

✔ Contemporary glass façade
✔ Strong architectural presence
✔ Gallery district location
✔ Surrounded by luxury residential + art spaces
✔ High design-forward neighborhood identity

This block benefits from:
• Destination foot traffic
• Strong art + design community
• Proximity to Hudson Yards
• Established restaurant & hospitality ecosystem

Financial Breakdown

Annual Rent

$40,000 × 12 = $480,000/year

Price Per Square Foot

$480,000 ÷ 3,900 SF = ~$123/SF annually

This is aggressive pricing for West Chelsea retail.

Typical High Line / Chelsea retail:
• $175–$350/SF depending on frontage
• Prime corners significantly higher

At ~$123/SF, this is positioned as:

✔ Value opportunity
✔ Competitive entry into prime corridor
✔ Attractive for strong regional operators

Tenant Feasibility Analysis

To support $40,000/month rent:

Occupancy ratio modeling:

• 10% rent-to-revenue → $400,000/month gross sales
• 8% rent-to-revenue → $500,000/month gross sales

This level works for:

✔ Established gallery
✔ Boutique fitness concept
✔ Design showroom
✔ Hospitality concept
✔ Specialty retail brand
✔ Chef-driven restaurant (venting dependent)

Strategic Market Position — West Chelsea

West Chelsea is not neighborhood retail — it is destination retail.

Strength drivers:
• High Line tourism
• Luxury condo pipeline
• Hudson Yards spillover
• Strong long-term land value
• Low retail vacancy relative to many Manhattan submarkets

This is a stable institutional-quality retail corridor.

Investment / Landlord Perspective

At $40K/month:

✔ Wider tenant pool
✔ Lower vacancy risk
✔ Stronger underwriting stability
✔ Competitive positioning vs Hudson Yards rents

If landlord-owned long term, this pricing supports:
• Stable tenancy
• Lower turnover
• Long-term asset preservation

Strategic Assessment

This is a positioning play, not a discount corridor.

If ranking retail Manhattan submarkets:

• Prestige retail corridor → West Chelsea
• Volume-driven retail → Midtown South
• Value-growth retail → Upper Manhattan

507 West 24th is a prestige-location asset with a competitive entry rent.