123 W 20th St, New York, NY 10011

Located in the heart of Chelsea, this five-story elevator building at 123-125 W 20th St offers a rare mixed-use investment opportunity with strong income potential and condo conversion opportunity. Spanning over 17,149 sq ft above ground plus a 4,749 sq ft finished cellar. Which it includes 3,416 sq ft of retail space. This modern, low-maintenance brick building currently includes 9 total units: five residential, two commercial storefronts, and two offices currently being converted to residential. Eight units will be delivered vacant, and all residential units are free market with private outdoor space, two full bathrooms, and condo conversion ready mechanicals including separate boilers, electrical panels, and meters. Recent upgrades include full exterior brick repointing, new windows and doors, renovated bathrooms, and a brand-new roof—all completed in 2024. Ceiling heights range from over 10 feet on the upper floors to 8.5 feet in the basement. The property includes approximately 14,449 sq ft of unused air rights, offering future development potential or the option to sell at market value. One commercial tenant is in place through 2026, currently generating over 20K/month in rent with built-in escalations. Whether you're looking to hold as an income-producing asset or develop luxury condos, this is a premier opportunity in one of Manhattan's most desirable neighborhoods.