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213-219 W 23rd St 27,000 SF Office Condo Unit Offered at $19,869,090 in New York, NY 10011
Investment Highlights
- Generational Real Estate – High-Traffic Manhattan Location
- Significant Tenant Investment – Scaled, Multi-Level Fitness Facility
- Rare Triple-Net Lease in Manhattan
Executive Summary
The property at 213 West 23rd Street is located in Chelsea, a mixed-use district in Manhattan known for residential towers, office space, hospitality destinations, and a strong retail presence. The building consists of multiple floors totaling approximately 27,000 SF and is classified as a specialty health and fitness center. It operates under a net lease structure with Gym U NYC as tenant. The site is near several subway lines, providing connectivity to surrounding boroughs and major nearby destinations including the Hudson Yards, Madison Square Garden, and Flatiron District. The property is also within proximity to multiple airports via regional transportation networks. Built in 1903 and renovated in 2004, the building is designed for fitness use under a condominium ownership structure.
1 Unit Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment | Cap Rate | 5.50% |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit Floor 1-3 | 27,000 SF | Office | $19,869,090 ($735.89/SF) | $1,092,799.95 |
Unit Floor 1-3
| Unit Size |
| 27,000 SF |
| Condo Use |
| Office |
| Price |
| $19,869,090 ($735.89/SF) |
| NOI |
| $1,092,799.95 |
Unit Floor 1-3
| Unit Size | 27,000 SF |
| Condo Use | Office |
| Price | $19,869,090 ($735.89/SF) |
| NOI | $1,092,799.95 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Description | |
| Commercial Condo on Three Floors (1,2,3).</li></ul> | |
| Sale Notes | |
| Surmount is pleased to present the exclusive listing for Gym U NYC located at 213 West 23rd Street, New York, NY. The site consists of roughly 27,000 rentable square feet of building space. Gym U NYC is subject to a 10-year net lease which commenced 10/01/2022 and has over 6 years remaining. The current base rent is $786,763 with scheduled increases of 3% annually. In addition, the tenant pays monthly percentage rent bringing the total NOI to $1,092,763. Reach out to listing agents for additional details.</li></ul> |
Property Facts
| Total Building Size | 89,900 SF | Floors | 10 |
| Property Type | Multifamily (Condo) | Typical Floor Size | 2,700 SF |
| Property Subtype | Apartment | Year Built | 1903 |
| Building Class | C | Lot Size | 0.34 AC |
| Zoning | C6-2 - C6 districts permit a wide range of high-bulk commercial uses requiring a central location | ||
| Total Building Size | 89,900 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | C |
| Floors | 10 |
| Typical Floor Size | 2,700 SF |
| Year Built | 1903 |
| Lot Size | 0.34 AC |
| Zoning | C6-2 - C6 districts permit a wide range of high-bulk commercial uses requiring a central location |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | - |
Presented by
213-219 W 23rd St
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