Jones Lang Lasalle Americas, Inc. (“JLL”) has been exclusively retained to offer qualified investors and end-users the opportunity to acquire the four-story condominium at 101 Seventh Avenue (the “Property”), a 51,942-square-foot boutique building with ground level retail. The Property, located along Seventh Avenue on the southeast corner of 16th Street and formerly home to the Downtown location of Barney’s, presents investors the rare opportunity to re-imagine and reposition a prominently positioned mixed-use condominium located at the nexus of Midtown South’s dynamic Chelsea, Meatpacking and Flatiron neighborhoods. The Property caters to a vast array of potential users including conventional office users, TAMI tenants, experiential retail concepts, medical office tenants, and family offices who are seeking a full-floor presence or the opportunity to occupy an entire mixed-use condominium in Manhattan’s most coveted location.
Blank Canvas Repositioning Opportunity
Upon the recent closing of Barney’s, 101 Seventh Avenue presents a rare, blank-canvas opportunity for a prospective investor to recreate a boutique building at a reasonable equity check in the epicenter of Manhattan’s most lively neighborhood.
Silicon Alley Neighborhood
Some of the world’s most prolific companies have established corporate offices in the neighborhood including Alphabet, Amazon, Alibaba, Live Nation, Nike, Tesla, Twitter, and Yext.
Exponential Rental Rate Growth
Since 2013, office rental rates have skyrocketed in excess of 56% in Midtown South which is considered the best performing submarket in Manhattan.
Historically Tight Submarket
The Midtown South office market remains one of the hottest office markets in the country, evidenced by tenants’ insatiable demands to office in the area, with a vacancy rate of 4.3%.