460 W 51st Street W, New York, (New York (Manhattan)), NY, 10019
1920
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!!
Status:
Active
Town:
New York
Type:
Commercial
Units:
5
Complex:
Hell's Kitchen/Clinton
Heating:
Electric, ENERGY STAR Qualified Equipment, Hot Air, Hot Water, Other
Cooling:
Central Air
Basement:
Bilco Door(s), Finished, Full, Partially Finished, See Remarks, Storage Space
Levels:
5
Parking:
Off Site, On Street, Open
Est. Taxes:
$39,896
Assessment
$1,319,760
Construction
Brick, Energy Star, Foam Insulation, Other, Stone, Structurally Insulated Panels, Stucco
Utilities
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
Lot Description:
Back Yard, Garden, Landscaped, Near Public Transit, Private, See Remarks, Views
View Description:
City, Neighborhood
Elementary School:
Ps 111 Adolph S Ochs
Middle School:
City Knoll Middle School
High School:
Independence High School
School District:
Manhattan 2
Days on Market:
8
MLS #:
836127
Community Info
School Info
Walk Score
Mass Transit
Yelp
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Listing courtesy of CHARLES RUTENBERG REALTY INC Khaleeque2003@yahoo.com