321-323 W 51st St - Apartments FOR SALE


New York, NY 10019- Hell's Kitchen
$9,000,000 USD
212-544-9500
321-323 W 51st St, New York, NY for Sale
$9,000,000 USD
Apartments - FOR SALE
1/6
null | 4.41% Cap Rate

321-323 W 51st St
New York, NY 10019
Hell's Kitchen


HIGHLIGHTS

  • Featuring a Newly Executed 15-year Lease With Michelin-Starred Restaurant Tenant
  • Strong foot traffic supported by Times Square, Broadway theaters, Columbus Circle, and Central Park.
  • Rare first-time sale in over fifty years reflecting long-term ownership stability.
  • Five free-market residential units offering strong rent durability and occupancy trends.
  • Additional upside through unused air rights supporting future expansion strategies.

OVERVIEW

• First sale in over 50 years - opportunity to acquire two adjacent four-story buildings on West 51st Street in the core of the theater district • Well-maintained asset with in-place income from a marquee restaurant tenant and 5 Free Market residential apartments above • Exceptional Midtown West location surrounded by dense residential, office, hotel, and nightlife uses, supporting strong foot traffic and long-term demand • Newly signed a 15-year lease with a Michelin-starred restaurant, beginning September 1, 2026 • Two adjacent tax lots totaling approximately 4,016 square feet of lot area and 10,016 square feet of existing building area • Six total units across both buildings, including five residential units and one 5,000 sf restaurant • Approximate 6,851 square feet of unused air rights, providing long-term optionality for a future owner Featured Tenant: Izakaya Sozai The property is newly leased to Izakaya Sozai under a 15-year term starting September 1, 2026. The concept is backed by an established, Michelin-starred multi-location NYC restaurateur. The tenant will occupy approximately 5,000 square feet of total space.

FOR SALE DETAILS

PRICE

$9,000,000 USD

PRICE/SF

$899 USD /SF

# OF UNITS

5

PRICE/UNIT

$1,800,000

CAP RATE

4.41%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.09 AC

LAND SF

3,920 SF

ZONING

R8, New York

APN/PARCEL ID

1042-0121

ASK ABOUT THIS PROPERTY

Christoffer BrodheadAriel Property AdvisorsMore Info
212-544-9500

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Christoffer BrodheadAriel Property AdvisorsMore Info
212-544-9500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.