Jack Guttman wants record $20M for Chelsea Arts condos

TRD New York /
Jan.January 09, 2014 04:45 PM

The Chelsea Arts Tower has two commercial condominiums available that may just be the priciest office space ever offered in New York City.

The top floor condo, asking $2,800 per square foot, and space on the fourteenth floor for $1,600 per square foot would put as much as $12 million and $8 million, respectively, in developer Jack Guttman’s wallet.
The 21-story tower, located at 545 West 25th Street between Ninth and 10th avenues, was built in 2006 before the city banned construction of buildings taller than 120 feet in the area, giving the highest floors unobstructed views.

“That price is definitely high, almost inexplicably high,” Michael Rudder, a broker who specializes in the sale of commercial condo space, told Crain’s. “That being said, it’s a really unique product, a brand-new building in an incredible location.”

The expensive listings in the Chelsea Arts Tower may be driven in part by the scarcity for office condos in the city, as The Real Deal reported. [Crain’s] — Angela Hunt

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