Featuring a Newly Executed 15-year Lease With Michelin-Starred Restaurant Tenant
$9,000,000
321-323 West 51st Street, New York, NY 10019
For Sale
Mixed Use
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
Documents:
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Location
Gallery