Condo At One Of NYC's Most Exclusive Office Properties Offered For Sale
An office building that once was home to the most expensive listing in NYC history is again in the market for buyers.
Chelsea Arts Tower is a 21-story office tower built at 545 West 25th St in 2006 by developer Jack Guttman, before its neighborhood was downzoned, ensuring nothing would ever obstruct the building's views.
In 2014, Guttman was looking for buyers for the top two floors, asking $12M for the 4,200 SF top floor and $8M for the 4,883 SF 14th floor. Neither of those floors sold, according to CBRE SVP Stuart Siegel. Now, the 5,400 SF seventh floor is being offered for sale, the first time any space in the building has been on the market since.
The asking price is $5.5M, which comes out to about $1,021/SF, a far cry from the $2,800/SF Guttman was asking for in 2014 when he was selling the Glasshouses event space. If Guttman had managed to sell for close to that price, it would have set the record for priciest office sale in NYC history.
The owner-occupant putting the space on the market is AW Asia, a private gallery and event space focused on Chinese contemporary art.