AIR RIGHTS ARE 21,000 BUILDABLE. INVESTMENT OPPORTUNITY: 525 West 29th Street High-Yield Mixed-Use Asset | Direct High Line Frontage PURCHASE PRICE: $8,500,000 AIR RIGHTS: ~21,000 SF (Market Valuation: $300/SF) Executive Summary For a 1031 exchange or private owner private residence in New Yorks premier location. This is one of a few rare gems left in NY to own! A rare acquisition opportunity in Manhattan’s premier West Chelsea Art District. This property offers a stabilized, low-overhead income stream with a massive "equity harvest" potential via 21,000 SF of air rights. Annual Financial Pro Forma Gross Operating Income: $410,600 Restaurant: $234,000 (Occupied) Gallery: $96,000 (Projected / Vacant) Residential: $45,600 (Under Market) Tax Reimbursement: $35,000 (Anchor Tenant Share) Annual Expenses: $56,000 RE Taxes (Owner Share): $35,000 Insurance: $21,000 Utilities & Maintenance: $0 (100% Tenant Responsibility) NET OPERATING INCOME (NOI): $354,600 PROJECTED CAP RATE: 4.17% The 1031 Exchange Play - Or Glamorous Single Residence - or Buildable Developer An investor can satisfy a 1031 requirement at $8.5M and subsequently liquidate the air rights (valued at approx. $6.3M) to a neighboring developer. This reduces the net basis in the building to $2.2M, resulting in a staggering 16%+ yield on the residual asset. DISCLAIMER: Figures are approximate. Consult with an Attorney and Architect to verify zoning, FAR, and transferability.

Listing courtesy of Halvatzis Realty Inc mschristinasidoti@gmail.com


Based on information submitted to the MLS GRID as of 2026-04-26 10:31 AM EDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.