Manhattan Mixed-Use Redevelopment
19 W 55th St New York, NY 10019
19 W 55th St, New York, NY, 10019
Contact for pricing
For Sale
Contact for pricing
10-story, 39,000 SF building primed for luxury conversion.
Property Size34,000 SF
Price / SF$1,088
Days on Market722
Property Features for 19 W 55th St
General Information
- Standard status
- Active
- Size
- 34,000 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1920
Listing agency
SERHANT
(646) 479-5186
Listed by
Bernadette Brennan · License #NY 10301221862
Source
Crexi
Added: Jul 30, 2024 Updated: Jul 10 at 3:43PM Checked: Jul 21 at 9:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SERHANT
Investment Insights
Based on property information with market context.
Located just off Fifth Avenue and neighboring the Peninsula Hotel, 19 West 55th Street is a 10-story building spanning approximately 39,000 square feet. The building is delivered fully gutted and nearly vacant, save for three rent-stabilized units. Previously configured with retail at grade and 29 residential units above, this site is suited for a boutique luxury development or alternative high-end use. A visionary redesign proposes an elegant limestone façade with double-height windows, multiple outdoor terraces, and a striking enclosed colonnade. Plans are in place for a luxury condominium conversion, replete with timeless architectural details. Anchored in the heart of Midtown Manhattan, with Central Park, MoMA, and world-class retail nearby, 19 West 55th Street is attracting top-tier interest, including a potential $42,000/month lease from a renowned restaurateur. Immediate access to the B/D/E/F/M/N/Q/R subway lines provides unmatched convenience and connectivity.
Key Highlights
- Prime Midtown Manhattan location, steps from Fifth Avenue, Central Park, MoMA, and high‑end retail.
- Delivered fully gutted and nearly vacant (except for three rent‑stabilized units), facilitating a seamless transformation.
- Approved plans for a luxury condominium conversion with elegant limestone facade, double‑height windows, and outdoor terraces.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.04M | $60.00 |
| − Vacancy | −$306.0k | −$9.00 |
| EGI | $1.73M | $51.00 |
| − OpEx | −$650.3k | −$19.13 |
| NOI | $1.08M | $31.88 |
34,000 SF · lease $60.00/SF/yr · vacancy 15.00% · expense 37.50%
Alternative Uses
Best Use
Retail
$68.35M
$59.81M – $79.74M
NOI $4,784,634 @ 7.0% cap · market cap 12.93%
Second Best
Mixed Use
$15.48M
$13.55M – $18.06M
NOI $1,083,750 @ 7.0% cap · market cap 2.93%
Theoretical Best
Specialty Retail
$84.63M
$74.05M – $98.74M
NOI $5,924,160 @ 7.0% cap · market cap 16.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Credit Repair
Financial Advisor
Kathi J. Paton ...
Insurance Agency
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - 10-story, 39,000 SF building primed for luxury conversion.
Where is this mixed-use property located?
The property is located at 19 W 55th St New York, NY.
What is the asking price?
The asking price for this property is $37,000,000.
What are key features of this property?
This property features: Prime Midtown Manhattan location, steps from Fifth Avenue, Central Park, MoMA, and high‑end retail.; Delivered fully gutted and nearly vacant (except for three rent‑stabilized units), facilitating a seamless transformation.; Approved plans for a luxury condominium conversion with elegant limestone facade, double‑height windows, and outdoor terraces.
