31 54th St New York, NY 10019-5404

Property Details for 31 54th St

Year built

1920

Lot size

0.05 lot acres

Property size

8,531 SF

Zone code

C5-P

Property type

Office buildings

APN

01270-0016

APU

12700016

Description

This exceptional offering presents a rare opportunity to acquire two side-by-side, five-story mixed-use buildings totaling 16,500 square feet at 31-33 West 54th Street in the heart of Midtown Manhattan. These buildings, under the same ownership for 25 years, boast 40 feet of retail frontage and offer significant upside potential. 33 West 54th Street underwent a complete renovation in 2022, including a new elevator and over $5 million in owner improvements. Two newly signed leases cover 100% of both properties' operating expenses, with one tenant investing $1.5 million in renovations. The flexible C5-P zoning allows for diverse uses, including office, residential, and retail. Approximately 15,500 square feet of air rights provide significant expansion possibilities. The property's prime location, directly across from the Museum of Modern Art and steps from luxury retailers and renowned hotels, ensures high visibility and desirability. The projected annual net operating income (NOI) exceeds $1,060,000, with a pro-forma cap rate of 5.31%. The asking price is $19,975,000, representing a compelling value proposition below replacement cost. The property's history as the former world headquarters of Manolo Blahnik adds to its unique appeal. This is an ideal investment for owner-users seeking a value-add opportunity in one of Manhattan's most coveted locations. The property is easily adaptable for various uses, including corporate headquarters, a foundation, family office, institution, museum, private club, retail showroom, gallery, or multi-tenant use. Conversion to residential use, either multifamily condominiums or rentals, or a single-family mansion, is also feasible. The property taxes have never been contested, presenting an immediate value-creation opportunity for a new owner.