Chelsea Partners is made up of three contiguous five story walk-up buildings in the Chelsea district of Manhattan. In total, the buildings contain 3 retail tenants and 53 apartments; 29 studios and 24 one bedroom units. The property was acquired by Margules Properties in 1992.
The properties are located in Manhattan’s Chelsea neighborhood; a district renowned for its residential and art community. Over the past two decades, Chelsea has seen a major resurgence and is now a cultural destination in its own right.
The area surrounding Chelsea Partners has also attracted considerable investment by retailers and developers. Several high profile condominium developments have been constructed in Chelsea, including Chelsea House, HL23 and the Jean Nouvel designed Ateliers. Apart from this, the redevelopment of Manhattan’s High Line as a public park has spurred continued economic and real estate investment. The coming years will also bring a redevelopment of Hudson Yards, which will further increase the value of Chelsea Partners.