NEW YORK—West Chelsea’s 311 Tenth Avenue is on the market for sale through Eastern Consolidated. Located at West 28th Street, the redevelopment opportunity is priced at $5.5M.

Eastern Consolidated Executive Managing Director David Schechtman with Senior Director Adelaide Polsinelli and Associated Director Robert Khodadadian and Senior Financial Analyst Paul Nigido are spearheading the marketing initiative for the sale of the site.

311 Tenth Ave. is now occupied by a 4,000-sq.-ft., four-story walk-up building containing four residential units and a ground floor retail component. The site is directly across from Chelsea Park and contiguous to the Port10. When redeveloped, the building will offer views of the Empire State Building and the Hudson River.

“This represents an amazing opportunity to acquire a development site in one of New York City’s most sought-after locations,” said Posinelli. “Approvals are in place from the Department of Buildings to demolish the existing structure, clearing the way for the new owner to develop a high-end condominium, rental or commercial building facing the High Line.”

The sale would include bonus air rights, allowing for a total of 18,500 sq. ft. to be constructed.