CHELSEA — The 12-story building that houses a homeless shelter on West 25th Street has hit the market and could reportedly fetch a whopping nine figures, a spokesman for the firm marketing the property said.
Owner Foremost Real Estate is selling the 104,424-square-foot property at 127 W. 25th St., between Sixth and Seventh avenues, which houses a shelter run by the Bowery Residents’ Committee, the Commercial Observer first reported.
Nonprofit BRC, which signed a 30-year-lease for the building’s commercial space in 2013, will remain at the site when a new owner takes over, the Observer reported.
BRC runs the 200-bed Jack Ryan Residence for homeless adults diagnosed with mental illness at the site.
The building is being marketed by Meridian Investment Sales.
The building sold for $32 million back in 2008, the Observer reported. A sale today could bring in more than $100 million, a source told the publication.
The controversial homeless shelter faced community opposition when it opened in 2011 and has garnered criticism from locals who called the area near it a "war zone."
The Department of Homeless Services said it planned to increase security at the shelter back in 2014.
Foremost Real Estate did not respond to a request for comment on the sale.
