A retail condo currently occupied by the very busy and popular Chelsea Bistro & Bar, located at 358 West 23rd Street, is on the market for sale at an asking price of $2.6 million.

Itzhaki Properties has been exclusively retained on behalf of the sellers to market the 2,500 square feet of ground floor space, including 1,400 square on the lower level, situated between Eighth and Ninth Avenues on, arguably, Chelsea's busiest thoroughfare.

"This is an exceptional opportunity to acquire a retail presence on the street regarded as Chelsea's centerpiece," said Erez Itzhaki, CEO of Itzhaki Properties, who added that the property will trade at a cap rate of 7.7.

"At time when there is a plethora of luxury condominium projects under construction in the nearby vicinity, acquiring a retail foothold in the area could be a tremendous windfall."

Chelsea Bistro & Bar's dining room was renovated in 1998. The bistro is one of the most popular in the neighborhood, and enjoys a huge local following.

It is easily accessible by the C&E subway lines, with a stop on 23rd Street. The property will be delivered vacant, unless the buyer would like to continue to operating the Chelsea Bistro & Bar. Should the buyer wish to install another restaurateur at the site, the kitchen is fully-equipped and totally operational for immediate use.

Headquartered in New York City's SoHo District, Itzahki Properties, led by founder and CEO Erez Itzhaki, is a boutique full-service real estate investment sales company, which acts on behalf of clients from around the world.

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