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Avison Young is engaged as exclusive agent for ownership to offer for sale 411 West 45th Street in the Hell’s Kitchen neighborhood of Manhattan (“Property”). This well-maintained six-story apartment building encompasses 18 residential apartments across 9,756± gross square feet. 15 of the apartments are free market units while the remaining 3 units are rent regulated. Given the configuration of the Property on the lot, 411 West 45th Street is exposed on three sides, providing the apartments with favorable light and air.
Hell’s Kitchen, bordered by Times Square to the west and the Hudson River Greenway to the west, is rapidly becoming one of Manhattan’s most sought after residential neighborhoods. Located right off of 9th Avenue, the area’s prime retail corridor, the Property benefits greatly from its central location. Furthermore, with the ongoing western development transforming Hell’s Kitchen, West 45th Street is well poised for positive and sustained growth. Additionally, the area is set to receive a massive influx of jobs and capital from the ongoing Hudson Yard development, just a few short blocks south of West 45th Street. The Property thus presents an excellent opportunity for an investor to own cash flowing asset in a rapidly evolving neighborhood.
The Property’s 15 free-market units rent at a significant discount to market rates in Hell’s Kitchen, according to a survey by StreetEasy, a real estate data website. Furthermore, the three rent-regulated units provide upside for an investor with an additional $6,000± in potential monthly income if they could be converted to free-market units. 411 West 45th Street thus presents potential investors with an opportunity to acquire a property with room for significant future NOI growth.
24-foot-wide residential walk-up with eighteen residential units
15 free-market residential units that rent approximately 27% below market, yielding an exceptional upside opportunity
Rapidly transforming neighborhood with 46 new development/conversion projects in the immediate area
Hell’s Kitchen non-doorman rental rates increased by 1.25% from June to July, well above the Manhattan average increase of 0.44% during the same period
Nearby new developments at Hudson Yards are set to bring $19 billion annually and 55,752 direct jobs to the surrounding area
Favorable layouts allow potential to convert some existing 1 bedroom units into efficient 2 bedrooms
Proximity to the Theater District
Ninth Avenue is the premier corridor for shopping, dining, and entertainment throughout Hell’s Kitchen
10 minutes from Times Square, New York City’s busiest subway station
±4,752 SF in additional residential development air rights
Broker of Record
Neil C. Helman