Total Price
$9,800,000
Price per SF: $1,224
Total Building Size
8 009 SF
Property Use
Business for Sale
Description
PRICE DROP! Now $9.8M (was $11,1M)
Capstone Properties NY LLC has been retained on an exclusive basis to
arrange for the sale of 24 W 56th St, an iconic five-story building
nestled in the prestigious heart of Midtown Manhattan.
This mixed-use property features a prime 4,000 SF ground-floor
restaurant space with an expansive basement, currently under a 15-year
lease at $36,000 per month, with a favorable 3% annual escalation. This
restaurant space offers a rare, stable income stream, providing
significant value to potential investors or end-users seeking a foothold in
this bustling district.
The building encompasses a total of 8,009 SF and includes five
residential units. One of the units generates $4,000 per month, while
another rent-controlled apartment is leased at an exceptional $600 per
month, with three additional units vacant, ready to generate income.
The property dimensions (22 x 91 ft) allow for a maximum usable floor
area of up to 17,600 SF, offering considerable potential for future
development or expansion.
DOWNLOAD THE BROCHURE HERE: /upload/files/24%20W%2056th%20St.pdf
Neighbors
This building is just steps from the world-renowned Fifth Avenue,
offering close proximity to iconic neighbors that include Central Park,
Rockefeller Center, and the Museum of Modern Art (MoMA), attracting a
constant flow of tourists, business travelers, and New Yorkers alike.
Perfectly positioned for convenience and connectivity, 24 W 56th St is
just a short walk from major subway lines, including the N, Q, R, W, B, D,
F, and E trains, providing swift access to every corner of New York City.
For professionals and upscale clientele, this location offers unparalleled
ease of access to Midtown’s premier shopping district, with luxury
brands and flagship stores lining Fifth Avenue, and to nearby hospitality
venues, such as The Plaza Hotel and St. Regis.
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}