Manhattan Mixed-Use Redevelopment
For Sale
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19 W 55th St, New York, NY 10019
10-story, 39,000 SF building primed for luxury conversion.
Property Size34,000 SF
Price / SF$1,088
Days on Market814
Property Features for 19 W 55th St
General Information
Standard status
Active
Size
34,000 SF
Property subtype
Mixed Use
Zoning
c1/6
Occupancy
9%
Investment Type
Value Add
Building Details
Year Built
1920
Buildings
1
Stories
10
Units
28
Listing Agency:
SERHANT
Listed By:
Bernadette Brennan · License #NY 10301221862
(646) 480-7665
Source:
Crexi
Added: Jul 30, 2024
Changed: Oct 19
Last Checked: Oct 20 at 5:06PM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,083,750
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,675,000
$21.7M
Cap Rate 7%
$15,482,143
$15.5M
Cap Rate 9%
$12,041,667
$12.0M
Market Conditions
NOI Build-Up for 34,000 SF
Gross rent
$2.04M $60.00/SF
− Vacancy
−$306.0K −$9.00/SF
EGI
$1.73M $51.00/SF
− OpEx
−$650.3K −$19.13/SF
NOI
$1.08M $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$21,675,000
Cap Rate 7%
$15,482,143
Cap Rate 9%
$12,041,667
Alternative Uses
Best Use
Mixed Use
$15.48M
$13.55M – $18.06M
NOI $1,083,750 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
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 authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
63,115
Businesses Nearby
Explore this area
Business Placement
Demographics for 10019, NY
49,029
Population
33,279
Households
1.5
Avg Household Size
38
Median Age
78%
College-Educated
98%
High-School Grad
0.7 sq mi
ZIP Area
70,041
Density / Sq Mi
$121,835
Median Household Income
$108,231
Median Earnings
$2,619
Median Rent
$1,066,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
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.
