459 W 43rd St

Marcus & Millichap is pleased to exclusively offer for sale 459 West 43rd Street, centrally located in Manhattan’s Midtown West neighborhood. This gut renovated multifamily property is located on West 43rd Street between 9th and 10th Avenues. 459 West 43rd Street contains a gross square footage of approximately 9,550 square feet. There are two structure on the lot: a front building built 25’ x 47’ and a rear carriage house built 25’ x 29’. The lot is 25’ x 100’ and is zoned R8. Additionally, there are approximately 8,459 SF of unused air-rights (Block: 1053; Lot: 6).
THE OPPORTUNITY
Building Profile & Layout: 459 West 43rd Street has been renovated throughout, with residential units commanding top of market rents for the area. The property features 12 free market units and one vacant rent controlled unit. This offers a value-add opportunity, through renovating the former rent controlled apartment and setting the first rent at a market rate.
High End Renovations: All free-market units have been renovated with high-end, condo level finishes. The apartments include new hardwood floors, renovated kitchens and bathrooms, stainless steel appliances, and washer/dryer in-unit. Additionally, the property features a finished roof deck amenity space for tenants enjoyment. As a result of these premiere amenities & finishes, the units are able to achieve top of the market rents while still having room for future upside through natural year over year rental increases.
Unparallelled Location: Located in the heart of Manhattan, 459 West 43rd Street is steps from Times Square, Broadway’s Theater District, and Hudson Yards. This premiere location makes the property in high-demand amongst renters, who are looking for close proximity to work, shopping, and entertainment options. 459 West 43rd Street sits within walking distance of the A, C, E, 1, 2, 3 , 7 and S subway lines.