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Featuring a Newly Executed 15-year Lease With Michelin-Starred Restaurant Tenant

$9,000,000

321-323 West 51st Street, New York, NY 10019

Active
Last Updated: 06/26/2026

5.26

Cap Rate

396,688

NOI

Details:
Cap Rate:    5.26%
NOI:    $396,688
Building Size:    10,016 sqft
Lot Area:    4,016 sqft
Zoning:    R8 | CL
Highlights:
  • 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
Map:
Documents:
Title
Listing Setup
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Location
Gallery