Off Market Office Building | 200k+ SF |
Office
Marketing description
Iconic Midtown Manhattan Office Opportunity
Step into a rare opportunity to acquire a historic and strategically located office asset in the heart of Midtown Manhattan. This 16-story, ±205,000 square foot Class B office tower offers an exceptional blend of stabilized cash flow and value-add upside, anchored by a strong roster of credit tenants and enhanced by high-demand co-working income.
Currently ±82% occupied, the building features 40 flexible office suites, floor plates of approximately 12,900 square feet, and significant recent renovations that preserve the classic character of its early 20th-century construction while offering modern workplace functionality.
A substantial portion of the building is leased to corporate and national tenants across industries including fashion, media, finance, and technology. Floors 7–9 are managed by a premier co-working operator under a performance-based management agreement, contributing approximately $2.1 million in annual income that is not reflected in the rent roll—offering immediate upside for investors.
Located just steps from Bryant Park and Times Square, this property benefits from unmatched access to subway lines, commuter hubs, restaurants, and major office corridors. The surrounding Midtown office market is steadily rebounding, presenting a compelling opportunity to capitalize on leasing momentum and long-term value appreciation.
Whether you're seeking stable in-place income, future leasing potential, or a prime Midtown repositioning play, this asset checks all the boxes for institutional and private capital alike.
Investment highlights
Prime Midtown Manhattan Location
Situated between Bryant Park and Times Square — a core business corridor with strong tenant demand, exceptional transit access, and global prestige.Immediate Income with Strong Tenancy
±82% leased to a mix of national and regional tenants, offering stable in-place income with staggered lease expirations through 2042.$2.1M+ Co-Working Income Not Reflected in Rent Roll
Floors 7–9 are leased under a management agreement with a top-tier co-working operator (Industrious), generating ~$175,000/month.Significant Upside via Lease-Up & Repositioning
±36,000 SF (17.65%) of vacancy provides near-term leasing opportunity. Additional upside in increasing rental rates and converting short-term leases to long-term.Flexible Exit Options
Attractive for long-term hold, value-add repositioning, or 1031 exchange buyers. Potential for partial condo conversion or future redevelopment.Proforma Cap Rate of ~6+%
Underwritten NOI including Industrious income yields strong return potential in a recovering Midtown market.Timeless Architecture with Modern Functionality
Built in 1907 and substantially updated, offering high ceilings, large windows, and flexible office layouts within a steel-frame building.Transit-Rich Location
Walking distance to Grand Central, Penn Station, Port Authority, and multiple subway lines — ideal for tenant retention and commuter convenience.
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