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460 W 51st Street W, New York (New York (Manhattan)), NY, 10019 | $6,890,000
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!!
Features
- Town: New York
- Property Type: Multi Family
- 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
- Parking: Off Site, On Street, Open
- Levels: 5
- Heating: Electric, ENERGY STAR Qualified Equipment, Hot Air, Hot Water, Other
- Cooling: Central Air
- Units: 5
- Year Built: 1920
- Est. Taxes: $39,896
- Lot Desc: Back Yard, Garden, Landscaped, Near Public Transit, Private, See Remarks, Views
- View: City, Neighborhood
- Elem. School: Ps 111 Adolph S Ochs
- Middle School: City Knoll Middle School
- High School: Independence High School
- School District: Manhattan 2
- MLS#: 836127
- Days on Market: 8 days
- Website: https://www.raveis.com
/prop/836127/460w51ststreetw_newyork_ny?source=qrflyer
William Raveis Family of Services
Our family of companies partner in delivering quality services in a one-stop-shopping environment. Together, we integrate the most comprehensive real estate, mortgage and insurance services available to fulfill your specific real estate needs.
Customer Service
888.699.8876
Contact@raveis.com
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- Market your home to realize a quick sale at the best possible price
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- Give you the full resources and strength of William Raveis Real Estate, Mortgage & Insurance and our cutting-edge technology
To learn more about our credentials, visit raveis.com today.
Sarah DeFlorioVP, Mortgage Banker, William Raveis Mortgage, LLC
NMLS Mortgage Loan Originator ID 1880936
347.223.0992
Sarah.DeFlorio@Raveis.com
Our Executive Mortgage Banker:
- Is available to meet with you in our office, your home or office, evenings or weekends
- Offers you pre-approval in minutes!
- Provides a guaranteed closing date that meets your needs
- Has access to hundreds of loan programs, all at competitive rates
- Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction
Robert ReadeRegional SVP Insurance Sales, William Raveis Insurance
860.690.5052
Robert.Reade@raveis.com
Our Insurance Division:
- Will Provide a home insurance quote within 24 hours
- Offers full-service coverage such as Homeowner's, Auto, Life, Renter's, Flood and Valuable Items
- Partners with major insurance companies including Chubb, Kemper Unitrin, The Hartford, Progressive,
Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable
460 W 51st Street W, New York (New York (Manhattan)), NY, 10019
$6,890,000
Customer Service
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Sarah DeFlorio
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.DeFlorio@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
|
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $5,512,000 | $5,512,000 | $5,512,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.625% | 6.500% | 6.250% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.663% | 6.613% | 6.435% |
| Monthly Tax Payment | $3,325 | $3,325 | $3,325 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $31,730 | $34,840 | $47,261 |
| Total Monthly Payment | $35,180 | $38,290 | $50,711 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.
William Raveis Mortgage, LLC, NMLS ID 2630, 7 Trap Falls Road, Shelton, CT 06484
NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535