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533 West 27th Street
Update
06/21/23
West Chelsea Development Site Trades for $34.57M
A 3-story, commercial building, located at 533 West 27th Street in Manhattan's West Chelsea neighborhood, has just been sold for $34.57 million. The structure was purchased by Silvera Properties from the previous owner, Extell Development, in a deal brokered by Cushman & Wakefield.
Originally constructed in 1917, the building currently contains a steakhouse and a gentlemen's club. It offers 30,000 square feet of retail space and totals 31,106 square feet altogether.
Spanning 10,375 square feet, the property is a through lot and has frontages on both West 27th Street and West 28th Street.
While the building offers ample room for retail tenants, the value of the land is worth far more than that of the structure, so the property is likely to be redeveloped. Although no permits have been filed yet, evidence of redevelopment is further implied by the fact that Silvera Properties specializes almost exclusively in developing and managing residential buildings (and high-end homes).
