24 W 56th St
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24 W 56th St
6 Unit Apartment Building $11,100,000 ($1,850,000/Unit) New York, NY 10019
Executive Summary
This mixed-use property boasts a prime 4,000 SF ground floor and second floor restaurant space, Currently under a 15-year lease at $36,000 per month with a favorable 3% annual escalation, the restaurant provides a reliable and stable income stream, appealing to both investors and end-users aiming to establish a presence in this thriving district.
The building spans 8,009 SF and includes five residential units, offering additional income potential. One unit currently rents for $4,000 per month, while a rent-controlled unit is leased at $600 per month. The remaining three free market units are vacant, ready for immediate revenue generation.
With property dimensions of 22 x 91 ft and a maximum allowable floor area of 17,600 SF, this asset presents significant opportunities for future development or expansion. The price is negotiable, making it an even more attractive investment in a high-demand location.
The building spans 8,009 SF and includes five residential units, offering additional income potential. One unit currently rents for $4,000 per month, while a rent-controlled unit is leased at $600 per month. The remaining three free market units are vacant, ready for immediate revenue generation.
With property dimensions of 22 x 91 ft and a maximum allowable floor area of 17,600 SF, this asset presents significant opportunities for future development or expansion. The price is negotiable, making it an even more attractive investment in a high-demand location.
Property Facts
| Price | $11,100,000 | Apartment Style | Mid Rise |
| Price Per Unit | $1,850,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.05 AC |
| No. Units | 6 | Building Size | 8,009 SF |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built | 1910 |
| Price | $11,100,000 |
| Price Per Unit | $1,850,000 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 8,009 SF |
| No. Stories | 5 |
| Year Built | 1910 |
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Tub/Shower
Site Amenities
- 24 Hour Access
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
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Walk Score ®
Walker's Paradise (99)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 1271-0053 | Improvements Assessment | $1,469,554 |
| Land Assessment | $396,000 | Total Assessment | $1,664,690 |
PROPERTY TAXES
Parcel Number
1271-0053
Land Assessment
$396,000
Improvements Assessment
$1,469,554
Total Assessment
$1,664,690
zoning
| Zoning Code | c5-p |
| c5-p |
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24 W 56th St
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