The Real Deal New York

Erno Bodek’s Chelsea warehouse hits the market for $65M

541 West 21st Street marketed as possible office or hotel conversion

July 06, 2015 05:40PM

541 W 21

541 West 21st Street in Chelsea (inset: David Schechtman)

A century-old warehouse at 541 West 21st Street currently used to store high-end art is being shopped as a possible office or hotel conversion. 

The current building, which is located less than a block from the High Line in Chelsea, is eight stories and 65,000 square feet. Art storage company Crozier currently occupies the entire space, but its lease expires next year, Crain’s reported.

Erno Bodek is the longtime owner. Meridian Investment Sales and Aaron Jungreis’ Rosewood Realty Group are jointly handling the sale.

Meridian’s David Schechtman said the building is worth about $65 million.

“Asking rent for new office space in the neighborhood is $100 per square foot, so we think it’s a very attractive opportunity,” he said. The area is zoned for commercial use.

Schechtman also added that they are showing the building to potential users who would be interested in owning their space. [Crain’s] — Tess Hofmann