Commercial space in Chelsea

New York City's PLUTO tax lot data (26v2) records about 8.2 million square feet of commercial floor area across 452 properties in the part of Chelsea Leasemark covers, including about 3.3 million square feet of office and about 1.9 million square feet of retail. The largest office building by that measure is 518 West 26th Street, at about 196,000 square feet. That is the existing building stock, not space currently available.

Five subway stations sit within about 0.5 mi of Chelsea's commercial core, served by the 1, A, C, E and L trains. The closest is 23 St (C E), roughly 4 minutes on foot; then 23 St (1), 14 St (A C E L), 18 St (1) and 28 St (1). Walking times are straight-line estimates from MTA station data.

One of the five stations within about 0.5 mi of Chelsea's commercial core is fully accessible, per the MTA: 14 St (A C E).

The newest sale on record is 541 West 21st Street, which sold in December 2025 for $46.2 million to 541 W 21 CAPITAL LLC, per the deed recorded with the city. 8 sales, $962.8 million in all, have been recorded of the large commercial buildings Leasemark tracks in Chelsea since 2016.

See every building sale in Chelsea

On the Department of Finance's 2026/27 assessment roll, the 23 large commercial buildings Leasemark tracks in Chelsea that pay property tax come to a median of about $11.54 per square foot of floor area a year, with the middle half between $8.38 and $18.88. That is the taxable value after exemptions times the Class 4 rate of 10.848% (tax year 2025/26, the latest the city lists), before abatements such as ICAP. The largest estimated bill is 245 West 17th Street, about $3.69 million a year. Many office leases pass a tenant's share of increases over a base year through as additional rent.

How taxes show up in gross and net leases

In the 12 months to October 2026, the Department of Buildings issued first permits for 26 interior build-outs in 11 of the 23 large commercial buildings Leasemark tracks in Chelsea, with work permitted on 27 floors in all. Their filed cost estimates add up to about $5.3 million. The most were at 220 West 19th Street (6 build-outs). A build-out here is interior work on the same floors (construction, mechanical, plumbing, sprinklers and the like) first permitted within 120 days. New interior work usually follows a lease, so it is a rough sign of where tenants are moving in, but a permit does not say who the work is for.

Build-outs in every NYC neighborhood

Yes, for larger leases. Chelsea is in Manhattan below 96th Street, where the city's Commercial Rent Tax applies. A tenant owes it only when base rent for the space is $250,000 a year or more. The tax is 6% of base rent after a 35% reduction, so 3.9% of rent, with a sliding credit between $250,000 and $300,000, and the Small Business Tax Credit wipes it out for businesses with total income of $5 million or less and base rent under $500,000.

Estimate it with the Commercial Rent Tax calculator

Yes. Posting a space or a requirement is free. Contact details are only shared when both sides accept an intro.