Condos aren't the only real estate going bananas near the High Line. New office space in the area also rents for above average, asking around $100 per square foot, and a development site at 541 West 21st Street is primed to take advantage of the market. Crain's reports that the 65,000-square-foot warehouse could fetch $65 million or more. The eight-story building is less than a block from the High Line, and it's currently used by an art storage company. It's zoned for commercial use, so it could be converted into a hotel or office building. Turning it into residential would require a zoning change, so it's unlikelybut not unheard of.
The empty lot beside the warehouse in the Google Streetview screenshot above is now occupied by Norman Foster's 551 West 21st Street.
· Warehouse Worth More Than $65M is Up for Grabs Near the High Line [Crain's]
· Mapping the Many Developments Rising Around the High Line [Curbed]