Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale The Chrystie, a 14-story mixed-use trophy property located at 229 Chrystie Street in New York City. Completed in 2005, the property features a 361-unit, 340,000-square-foot, 80/20 residential condominium and a two-story, 85,000-square-foot retail condominium anchored by Whole Foods. The residential and the retail condominiums can be purchased together or separately.
The residential condominium comprises 289 market-rate units (80 percent) and 72 affordable units (20 percent) and is the beneficiary of a real estate tax abatement expiring June 2025. Twenty-eight percent of the market-rate units have been renovated with best-in-class finishes, including hardwood floors, GE appliance packages, black granite counter tops and ceramic tile. Select units have washer/dryers and private terraces. The units are spacious, averaging 739 square feet, and the 72 affordable units will convert to market rate in 2035. The property features market-leading amenities, including a 24-hour concierge, fitness center, rooftop sundeck, billiards lounge, laundry facilities, resident storage, bike storage, basketball court and competition-sized pool.
The retail condominium is 100 percent leased to Whole Foods (S&P: BBB+) and Subway (privately owned), occupying 71,186 square feet and 1,243 square feet, respectively. The retail portion features high, 18’ ceilings with floor-to-ceiling windows. Additionally, the property boasts 362 feet of full block frontage along Houston Street, which has a traffic count averaging 30,331 vehicles per day and provides tenants with exceptional signage and visibility.
The Chrystie is situated above the Second Avenue subway station at the nexus of Manhattan’s Soho, NoHo, East Village and Lower East Side neighborhoods. The B, D, F, M, J, Z, 4, 5, 6, N, Q, R and W trains are all within a five-minute walk from the property. Hotels, nightlife, restaurants and cultural attractions are nearby, and the property is within walking distance to the Bowery corridor, NoLita and SoHo shopping.
The Chrystie offers prospective investors the opportunity to acquire a high-quality, Whole Foods-anchored property with full block prominence, best-in-class residential units and attractive upside potential in a highly-desirable central downtown Manhattan location. For more information on this or other commercial properties for sale in New York, please contact Andrew Scandalios, Rob Hinckley, Jeff Julien, Graham Stephens or Rob Rizzi.