212-696-2500
, New York, NY for Sale
Retail - FOR SALE
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42-46 East 21st Street
New York, NY
Flatiron District


HIGHLIGHTS

  • Significant upside through renovation of legacy residential units currently below market, driving mark-to-market rents upon turnover
  • Residential WALT of approximately 1 year provides near-term access to units, enabling capture of market rents
  • Three-building portfolio totaling ~25,145 SF in one of Manhattan’s most supplyconstrained, high-demand neighborhoods
  • Parlor-level retail plus two office units with 3.8-year WALT enable phased repositioning or recapture
  • Approximately 9,355 SF of unused development rights provide additional strategic optionality
  • The Nomad neighborhood is truly a mixed-use one, home to some of the city’s best residential, office, hospitality and retail properties

OVERVIEW

42, 44 & 46 East 21st Street (the “Properties”) present a rare opportunity to acquire the 100% fee simple interest in a three-building portfolio totaling approximately 25,145 square feet in the heart of Flatiron/Gramercy—one of Manhattan’s most desirable and supply-constrained neighborhoods. The Properties are ideally positioned between Broadway and Park Avenue South, within a five-minute walk of Gramercy Park, Madison Square Park, and Union Square Park. This premier location sits at the convergence of one of the world’s strongest residential, retail, and office hubs, with immediate access to multiple subway lines and a robust amenity base, including Michelin-star restaurants, cutting-edge fitness concepts, world-class shopping and multiple luxury hotels. The assets offer compelling value-add potential through the renovation of the residential units, many of which have not been updated in decades and remain well below current market rents, as well as the potential conversion of the commercial units. A targeted capital program to modernize interiors and common areas presents a clear path to meaningful NOI growth. The Properties include approximately 9,355 square feet of excess air rights. The commercial component consists of ground- and parlor-level retail along with three professional spaces, all tenanted by local businesses, and features a weighted average lease term (WALT) of 3.8 years— providing near-term flexibility to reposition, recapture, or convert the space to residential use.

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William ConradCushman & WakefieldMore Info
212-696-2500

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William ConradCushman & WakefieldMore Info
212-696-2500

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