607 W 47th Street
607 West 47th Street, New York, NY 10036
Marketing description
Jones Lang LaSalle ("JLL") has been exclusively engaged to market for sale 607 West 47th Street (the "Property"), a six-story, 52,116-square-foot self storage facility containing 1,396 total units in Hell's Kitchen, Manhattan. The Property was delivered in 2020 as a purpose-built, ground-up development and features fully modern layouts, design, and mechanical systems. Of the 1,396 total units, 1,093 are leasable, generating approximately $1.5 million in total revenue in 2025. As of March 1, 2026, 799 units are occupied, representing a leasable occupancy of 73.1%.
The Property presents a compelling value-add opportunity with immediate, quantifiable upside. With 294 currently vacant leasable units, an incoming owner has clear runway to grow revenue significantly as occupancy normalizes toward the market average. Beyond vacant units, 303 units currently offline represent meaningful additional upside once returned to active service.
The Property is managed by StorageMart, operating under the Manhattan Mini Storage brand, with a 90-day termination notice provision.
Investment highlights
- Significant Revenue Upside Across Multiple Levers: 607 W 47th Street's leasable occupancy of 73.1% sits materially below the 91.6% market average, creating a defined, capital-light lease-up opportunity. Vacancy is concentrated in the 4x4x8 unit type, where ownership has explored combining units to create larger, higher-demand configurations that could further accelerate absorption and improve revenue per square foot. Additionally, 303 units currently offline represent a systematic and addressable upside layer with meaningful revenue potential as units are returned to service. The Property's real estate taxes are currently being challenged, which upon success will result in material cash flow upside.
- New York Self-Storage — The #1 Market Nationally for 5-Year Revenue Growth: New York City is the deepest, most supply-constrained institutional self-storage market in the United States, ranked #1 of 50 major markets for five-year revenue growth at 6.5% annually. The Midtown West submarket carries an average effective rent of $276.60 per unit and 91.6% market occupancy, with Very High supply barriers and new supply growth forecast at just 1.2% over the next five years — meaning the competitive environment will remain highly constrained through 2030.
- Irreplaceable Manhattan Location in a Top-Ranked, High-Barrier Submarket: The Property occupies one of the most defensible self-storage positions in the country. Located in Hell's Kitchen, the Property sits within a submarket rated A++ (Per Green Street) with very high supply barriers. The immediate 1-mile trade area encompasses approximately 126,000 residents and 68,400 households with average household incomes of $132,466 — over 56% earning above $100,000 annually and 25% above $200,000. This high-income renter concentration, with an 85.9% renter-occupancy rate, drives persistent, recurring storage demand that directly benefits the Property. Ground-up self-storage development in core Manhattan is effectively impossible at scale, every square foot of competitive storage in the submarket is currently absorbed at full occupancy, and New York City ranks #2 of 50 major markets nationally for self-storage fundamentals — making this one of the most supply-constrained and demand-rich storage markets in the world.
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