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United States Bankruptcy Court SDNY

In Re: ERBO Properties LLC, – Case No.: 23-10210-lgb

65,000+ Sq Ft Office Building
Prime Office/Residential Conversion Opportunity

 

541-545 West 21st Street Chelsea, NY

Prime Class A Office/Residential Conversion Opportunity

  • Coveted Chelsea Location
    • Situated on West 21st Street in the heart of West Chelsea, adjacent to the High Line, Chelsea Piers, and Hudson River Park.
    • Walkable to Chelsea Market, Hudson Yards, Meatpacking District, and the city’s top restaurants, galleries, and cultural destinations.
  • Zoning & Conversion Potential
    • Located within the Special West Chelsea District (M1-5 zoning overlay), which supports creative adaptive reuse.
    • Existing structure offers a clear path to residential conversion
  • Ideal Physical Characteristics
    • 65,000+ sq ft Gross Building Area with efficient 7,100+ sq ft floor-plates conducive to residential layouts.
    • Ample ceiling heights, large window lines, and open spans—ideal for high-end loft-style residences.
    • Approx. 7,500 sq ft site footprint, providing design flexibility.
  • Financial Upside
    • Chelsea condos trading $2,500+/sq Ft; West Chelsea remains among Manhattan’s strongest sellout markets.
  • Proximity to Lifestyle Amenities
    • Blocks from the High Line, Little Island, and Whitney Museum.
    • Easy access to Hudson River waterfront recreation and 14th Street/23rd Street subway corridors.
    • Surrounded by luxury condominium precedents (100 Eleventh Avenue, 520 West 28th by Zaha Hadid, Lantern House, etc.) demonstrating strong absorption and premium pricing.
  • Timing Advantage
    • NYC policy environment increasingly supportive of office-to-residential conversions.
    • Supply of new luxury Chelsea condos remains constrained, positioning the property for strong buyer demand.

Additional Information: 

  • Block 693  Lot: 10
  • Originally Constructed 1915
  • Situated on a 7,466 Sq Ft Lot
  • Property originally positioned for Class A Office Space Build-out
  • Improvements Include
    • New Electrical Services Throughout
    • Air-Handling Infrastructure
    • 28-Ton Water Cooled Air handling Unit on Each Level
    • Two Newly Installed Elevators Servicing Lobby/First Floor Through Rooftop
    • New Windows on the West and North Elevations of the Property
    • New Plumbing Infrastructure
    • New Sprinklers and Standpipes
    • New Entrance and Updated Facade
    • Stand-By Generator Capable of Running the Entire Building for 24-Hours (Additional Time with Fuel Delivery, Tank In Basement)
    • Water View of the Hudson River From the 6th Floor Through Rooftop
  • Annual Real Estate Tax: $1,099,523.32
  • $45,000,000 Stalking Horse Bid. Next Acceptable Bid is $45,200,000.
  • *Sale Subject to Court Approval

ONLINE BIDDING ONLY – CLICK HERE FOR ONLINE BIDDING

Bidding is available by computer (PC or Mac Only) or download of the Maltz Auctions App on the App Store or Google Play (Required for tablet and Cell Phone Devices)

  Pre-Registration Required to Bid. You Must send in signed Terms & Conditions of Sale, signed Online Bidding Form and a deposit (cashier’s check only) to be approved for bidding.


Viewing: TBA.

Pre-Registration Required to Bid:  You must send in signed Terms & Conditions of Sale, signed Online Bidding Form, and a $3,000,000 deposit to be approved for bidding.  All items must be received by Maltz Auctions on or before Wednesday, October 22, 2025 at 4:00 PM.

Auction Date: Online-Only Bidding will open Tuesday, October 21, 2025 at 11:00 AM and is scheduled to close on Thursday, October 23, 2025 at 11:00 AM.  Visit RemoteBidding.MaltzAuctions.com or download the Maltz Auctions App on the Apple Store or Google Play.

Bidding Process: If a bid is placed with less than one minute remaining, the bidding period will be extended so one minute remains for competing bids to be entered.  If any further bidding occurs, the extension timer will reset to one minute.  Once no further bidding activity occurs, the sale closes when the time runs out.

Terms & Conditions of Sale: Property will be sold free and clear of all monetary liens.  In order to register to bid, all prospective bidders must present a cashier’s check in the amount of $3,000,000 made payable to “Alan Nisselson, Chapter 7 Trustee of ERBO Properties LLC”, signed Terms & Conditions of Sale and signed Online Bidding Form to Maltz Auctions at 39 Windsor Place, Central Islip, NY 11722 by 4:00 PM on Wednesday, October 22, 2025. Please download the complete Terms and Conditions of Sale (Coming Soon).

Buyer’s Premium: A Two percent (2%) Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.

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Documents

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Alan Nisselson, Chapter 7 Trustee
Richard B. Maltz, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
David A. Constantino, Auctioneer
Phone (516) 349-7022 Fax (516) 349-0105

The Real Property is being sold “AS IS” “WHERE IS”“WITH ALL FAULTS”, without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any liens, claims, or encumbrances of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the Closing, and the sale of the Real Property is subject to, among other things (a) any state of facts that an accurate survey may show; (b) any covenants, restrictions and easements of record; (c) any state of facts a physical inspection may show; (d) any building or zoning ordinances or other applicable municipal regulations and violations thereof; and (e) environmental conditions. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Real Property, the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Real Property in making their bids. Neither Maltz, the Seller nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses of the Real Property including, but not limited to, the zoning of the Real Property.  All Bidders acknowledge that they have conducted their own due diligence in connection with the Real Property and are not relying on any information provided by Maltz, the Seller, or their professionals.  The Real Property will be sold subject to any and all violations or conditions requiring corrective action.  The information contained herein was derived from sources deemed reliable, but is not guaranteed.  Most of the information provided has been obtained from third party sources and has not been independently verified.  It is the responsibility of the Buyer to determine the accuracy of all components of the sale and Property.  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the Property.  All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction.  Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.