JLL has been retained on an exclusive basis to arrange for the sale of 369 West 46th Street, a 16.5’ wide 3-unit mixed-use building on the north side of West 46th Street between 8th and 9th Avenues. The building is located in the Hell’s Kitchen neighborhood on the famed “Restaurant Row” which is highly acclaimed for its many distinct bars and restaurants.
The Ritz Bar & Lounge has occupied the ground and second floor since 2006, while the upper floors are configured as 2 floor-through apartments. Both apartments have been recently renovated, are Free Market and will be delivered vacant, while the retail space and other building infrastructure were upgrade in 2009. The Ritz Bar & Lounge would like to remain in place on a 10-year lease with one 5-year renewal option. In addition to a gross monthly rent of $30,000 the tenant would also pay 50% of the real estate tax increases over a 2019/2020 base year.
The property is located a short walk from countless bars and restaurants along 8th & 9th Avenue, The Theater District and the Times Square transportation hub offering access to the A, C, E, 1, 2, 3, B, D, F, M, N, Q, R, W, 7 subway lines providing for a convenient subway ride to all parts of the city. While maintaining connections to its working-class origins, the neighborhood has evolved in recent years to become Midtowns most sought-after residential and cultural enclaves.
With its central location on one of Manhattans best retail corridors and its ability to produce market rate cash flows, 369 West 46th Street is ideal for investors looking for a mixed-use property free of rent regulation, in an attractive location. The property will be sold on as as-is where-is basis.