408 West 46th Street
5 Free-Market Units | Tax Class 2A | Renovated
Marketing description
Colliers Capital Markets has been exclusively retained to market the sale of 408 West 46th Street in the Hell’s Kitchen neighborhood of Manhattan, NY (the "Property") for $6,800,000. The Property is a newly renovated, 6,505 rentable square foot multifamily building comprised of five residential rental units, all of which are free-market.
The Property is ideally located in Hell’s Kitchen, one of Manhattan’s most dynamic and in-demand neighborhoods, known for its classic prewar building stock and tree-lined streets. Anchored by world-class dining along Ninth and Tenth Avenues and surrounded by major demand drivers including the Theater District, Hudson Yards, and the Hudson River waterfront, the neighborhood appeals to both long-term residents and renters seeking convenience and value. The location is exceptionally transit-oriented, with close proximity to multiple subway lines including the A/C/E, 1/2/3 and N/Q/R/W, as well as nearby Penn Station and the Port Authority Bus Terminal, providing seamless connectivity across Manhattan and the metro region.
Investment highlights
All 5 residential units at the property are free-market units, allowing investors to take advantage of continued rent growth.
The property is Tax Class 2A protected meaning the assessed value of the Property cannot increase more than 8% from the prior year or 30% over a five-year period. Therefore, the assessed value will be whichever is lower: 45% of market value, or the capped amount.
The property has been fully renovated with condo level finishes. The project was designed to modernize the asset, improve operational efficiency, and elevate market positioning.
The Property has 5,250 SF of available development rights which can be sold or utilized for a future development.
The Property is within close proximity to multiple public transportation lines such as the A/C/E, 1/2/3, and N/Q/R/W subway lines as well as the M42 & M11 bus routes which provide tenants with affordable public transportation.
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