Listed by Ariel Property Advisors
$9,000,000
321-323 W 51st St
Details
Property Type Retail, Mixed Use
Sub Type Restaurant
Square Footage 10,016
Lease Expiration 07/30/2026
Price per SqFt $899
Buildings 2
Stories 4
Zoning R8
Retail | 10,016 SqFt
Marketing description
For Sale
Investment highlights
- First sale in over 50 years - opportunity to acquire two adjacent four-story buildings on West 51st Street in the core of the theater district
- Well-maintained asset with in-place income from a marquee restaurant tenant and 5 Free Market residential apartments above
- Exceptional Midtown West location surrounded by dense residential, office, hotel, and nightlife uses, supporting strong foot traffic and long-term demand
- Restaurant tenant’s lease expires on 7/31/26 allowing for renewal, re-tenanting or acquisition by an owner-operator
- Two adjacent tax lots totaling approximately 4,016 square feet of lot area and 10,016 square feet of existing building area
- Six total units across both buildings, including five residential units and one 4,000 sf ground-floor restaurant
- Zoned R8 with grandfathered commercial use, allowing for residential and mixed-use configurations consistent with surrounding development
- Approximate 6,851 square feet of unused air rights, providing long-term optionality for a future owner
Listing Contacts
Listed by Ariel Property Advisors
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