Description

351 West 47th Street in Midtown West, Manhattan. A rare, turnkey value-add opportunity with all major capital improvements already complete. Strong in-place NOI delivers an immediate return on investment, with one vacant unit poised to increase income by almost a third upon lease-up. The coveted Tax Class 2B designation further positions this asset for meaningful long-term appreciation as Manhattan's rental market continues its upward trajectory.

Extensive mechanical upgrades have been completed across two years, significantly reducing short-term capital expenditure requirements:

2026 Improvements

Complete basement renovation

Onsite laundry facilities

30-amp electrical breaker upgrade

Superintendent's office

New hallway flooring and freshly painted common areas

Prior Improvements

New boiler and intercom system (2024)

Full heating system conversion to natural gas with new gas line (2024)

Electrical service upgrade (2024)

New gas meter bank (2023)

Roof replacement (2022)

Cornice and facade restoration (2023)

Verizon Fios fiber installation (2023)

Upgraded hallway and emergency lighting (2023)

Two new water heaters (2023, 2021)

New service doors throughout - main entrance, vestibule, roof access, and both basement points

Situated in the heart of Midtown West, 351 West 47th offers convenient access to multiple subway lines, major employment centers, Ninth Avenue's dining corridor, Broadway theaters, and Hudson River Park. The location supports strong rental demand and long-term asset performance.

Classic New York architecture meets modernized interiors, creating an appealing product with strong long-term lessee retention. The vacant unit also presents an owner-occupancy option, with the remaining units generating income sufficient to support carrying costs.

This is a clean, well-capitalized asset in a supply-constrained submarket - condition, location, and upside in a one offering.