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524 West 23rd Street, New Y...

Updated May 12, 2025

Cris Burnam Acquires Warehouse In Chelsea, Manhattan For $132.1M
SOLDIndustrial

Cris Burnam Acquires Warehouse In Chelsea, Manhattan For $132.1M

524 West 23rd Street, New York City, New York 10011, United States

$132,100,000

$930/SF

Building Size

141,934 SF

Asset Type

Industrial

Closing

Dec 15, 2021

About this deal

AI

The property asset involved in the transaction is located at 524 West 23rd Street, Chelsea, Manhattan. It encompasses warehouses with a total square footage of 141,934 and a property price of $132,100,000. The asset sits on a 14,318 square foot lot with dimensions of 145 ft by 98.75 ft. The building has a zoning classification of C6-3A, WCH, and features a Floor Area Ratio (FAR) of 9.91, with a tax class of 4. The previous sale of the property was recorded at $30,500,000 on September 20, 2007.

Summary of transaction details:

  • Property Type: Warehouses
  • Transaction Amount: $132,100,000
  • Buyer: Cris Burnam
  • Seller: Jon Dario
  • Building Size (SF): 141,934
  • Price per Square Foot (PPSF): $931
  • Building Size (BSF): 107,671
  • Price per Building Square Foot (PPBSF): $1,227
  • Lot Size: 14,318
  • Last Sale Price: $30,500,000 (on 9/20/2007)
  • Lot Dimension: 145 ft x 98.75 ft
  • FAR: 9.91
  • Tax Class: 4

The transaction was represented by Cris Burnam, who is the buyer. Jon Dario represented the seller in this deal. The deal reflects a significant increase in value since the last sale in 2007, highlighting notable market dynamics in the area as of December 16, 2021.

On the Map

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$132,100,000

$930/SF

Industrial

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Players

Jon Dario

Edison Properties

Broker

$3B

vol

22 deals

Broker
Cris Burnam

Cris Burnam

Buyer

$3B

vol

18 deals

Buyer
Jon Dario

Jon Dario

Edison Properties

Seller

$3B

vol

22 deals

Seller
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New York Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Deal FAQ

About $930 per square foot on a published $132.1M for 141,934 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.12%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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