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$6,890,000

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460 W 51st ST New York (manhattan), NY 10019

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Jonathan Greene

jonathan@trustgreene.com +1(973) 873-0734

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Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Hell'S Kitchen/Clinton

MLS Listing ID 836127

Rental Info No

Year Built 1920

Annual Tax Amount $39,896

Property Sub-Type Multi Family

Source onekey2

Property Description

Situated on a beautiful tree-lined street, this brownstone sits in the heart of Hell's Kitchen being walking distance from the world famous "Times Square" and just a couple blocks from the internationally acclaimed "Restaurant Row"! This approx. 6,500 sq ft. building still has more than 8,000+ sq ft. of additional UNUSED FAR! (lot size is approx. 2100 sq ft.) There are 5 stories with 5 large fully updated high end renovation apartments w/ SEPARATE meters for electric, heat & hot water, that not only are FREE-MARKET RENT, but are also all currently BELOW market rents since the initial reduction during the Covid pandemic a few years back!! Proforma is easily $36,550/mo. as opposed to current below market rent of $28,845/mo.!! Units also have in unit washer and dryers with stainless steel appliances and access to a private garden on at least one of the units. The finished basement, which is currently not being utilized, can and should be used to further increase rental income as either storage facility or for other amenities such as an exercise room or game room for poker night! This building also has a full video intercom system for security. More than 8000+ SF air rights as well adding to the rental income upside! This location is in very close proximity to the A,B,C,D, E, and 1 Train!!

Once again - FREE MARKET RENTS!! Very Rare Find! Even with the current rent roll the cap rate is above 4% which in New York City is typically 3% and under. Being that current leases all end in the mid of this year, with the exception of one that ends in Jan of 2026, you can and should observe the proforma, along with the rental use of the finished basement which is currently not in use, and you can easily achieve a 6% and higher cap rate in the greatest and most luxurious city in the world!!

Location

State NY

County New York (manhattan)

Rooms

Basement Bilco Door(s), Finished, Full, Partially Finished, See Remarks, Storage Space

Interior

Heating Electric, ENERGY STAR Qualified Equipment, Hot Air, Hot Water, Other

Cooling Central Air

Fireplace No

Exterior

Parking Features Off Site, On Street, Open

Fence Perimeter

Utilities Available Cable Available, Cable Connected, Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Phone Available, Phone Connected, See Remarks, Sewer Available, Sewer Connected, Trash Collection Public, Underground Utilities, Water Available, Water Connected

View City, Neighborhood

Building

Lot Description Back Yard, Garden, Landscaped, Near Public Transit, Private, See Remarks, Views

Story 5

Foundation Other

Sewer Public Sewer

Water Public

Structure Type Brick,Energy Star,Foam Insulation,Other,Stone,Structurally Insulated Panels,Stucco

Schools

Elementary Schools Ps 111 Adolph S Ochs

Middle Schools City Knoll Middle School

High Schools Independence High School

Others

Special Listing Condition None

Listed by Charles Rutenberg Realty Inc

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Jonathan Greene

Team Leader | License ID: 1433604

+1(973) 873-0734

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460 W 51st ST New York (manhattan), NY 10019

Jonathan Greene

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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460 W 51st ST