415 W 47th St Immeuble residentiel 24 lots 7 619 938 € (317 497 €/Lot) Taux de capitalisation 5,65 % New York, NY 10036

Cushman & Wakefield has been exclusively retained to offer for sale the fee simple interest in 415 West 47th Street, a mixed-use property located on the north side of West 47th Street between 9th and 10th Avenue in the heart of Midtown West. 415 West 47th Street comprises two buildings, a front and a rear, and spans 12,125 square feet across 24 apartments, 1 commercial office space, 1 storage space, 1 super’s unit and an antenna on the roof. The front building stands six stories high and the rear building, which is separated from the front via a courtyard, is four stories high.
The Property’s 24 apartments feature a mix of 1-Bed and Studio apartments between the two buildings. Of the 24 apartments, 22 are free market and 2 are rent stabilized. The front building contains 12 apartments, six 1-bedrooms and six studios, as well as a storage unit and super’s unit on the ground floor, lower-level office space and an antenna leased to Verizon on the roof. The rear building is comprised of 12 studios, three per floor.
This is an excellent opportunity for an investor to acquire a 92% free market, mixed-use asset on a beautiful treelined block in the heart of Midtown West. The Property has not been offered for sale in over 30 years and current ownership has kept the building in excellent condition and maintained meticulous records over the years. This is an exceptional value-add opportunity as a new investor will be able to acquire excellent in-place cash flows but also benefit from the opportunity to make several improvements in order to boost rents significantly over the short term. Such improvements include, but are not limited to, repainting the hallways and replacing light fixtures to modernize the common areas, adding laundry in either the storage unit or even in some of the larger units and cleaning up and adding amenities to the courtyard such as outdoor seating and bike storage. Additionally, the office space, which is owner-operated, is in excellent condition and features great natural light. A new investor will be able to take advantage of this space by leasing it out to a tenant in the neighborhood looking for additional commercial space.
415 West 47th Street is well-positioned in the heart of Manhattan’s charming, Midtown West neighborhood. Midtown West, or Hell’s Kitchen, has seen tremendous growth over the past several years as residents flock to a more affordable neighborhood than its Manhattan counterparts that is rich in culture and has an excellent array of Food & Beverage options. It is also conveniently located within short walking distance to some of New York’s greatest attractions including Central Park, Columbus Circle, Hudson Yards and Times Square. It’s also a short walk from a multitude of transportation options including the A, C, and E trains on 8th Avenue as well as the 1, 2, 3, N, Q, R and W trains on 7th Avenue. Additionally, it is just a few blocks away from the bustling Port Authority giving it easy accessibility to all of the tristate area and beyond.