Living / Multi-housing

515 West 47th Street

515 W 47th St, New York, NY, 10036-2211, US

515 West 47th Street_Property for Sale

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Asset description

JLL has been retained on an exclusive basis to arrange for the sale of 515 West 47th Street, a 25’ wide, 5 story walk-up located on the north side of West 47th Street between 10th and 11th Avenues. The building is configured as 15 Free Market apartments and one retail space which is leased to The Jolly Goat Coffee Bar (Est. 2014) through March of 2025. The approximately 10,675 Sq. Ft. building was completely gut renovated in 2013 with high quality materials that have been well maintained since the original work was completed.


The apartments are configured as 1 one-bedroom, 10 two-bedrooms, 1 three-bedroom and 3 four-bedrooms. The ground floor rear apartments feature private outdoor spaces as do the units on the 5th floor which have private roof terraces. The apartments are currently leased for an average of $4,024 per month or $1,677 per bedroom. In regard to infrastructure, the building is heated via a gas fired boiler and is individually metered for electric. 

Attributes

Asking Price
$7,950,000
Number of units
16 units
Occupancy
1.00%
Year built
1901
Building area gross
10,675 sf
Land area Gross
0.06 acres (2,500 sf)

Investment highlights

  • 100% Free Market
  • Fully Gut Renovated in 2014 / Pristine Condition
  • Post-COVID rental rebound
  • Light value-add potential though cosmetic apartment upgrades
  • Ideal share apartments for students or young professionals
  • Proximity to Midtown Manhattan & Hudson Yards
  • In Unit Stacked Washer Dryer

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Last updated
Nov 30, 2022