Listed by Ariel Property Advisors
$9,000,000
321-323 West 51st Street
Details
APN 1042/121,1042/21
Property Type Multifamily, Mixed Use
Sub Type Walk-Up Building, Restaurant
Square Footage 10,016
Units 6
NOI $396,688
Tenancy Multi
Brand/Tenant Izakaya Sozai
Lease Term 15
Buildings 2
Stories 4
Lot Size (SqFt) 4,016
Zoning R8 | CL
Lease Commencement 08/31/2026
321-323 West 51st Street, New York City, NY 10019
Marketing description
The property is newly leased to Izakaya Sozai under a 15-year term starting September 1, 2026. The concept is backed by an established, Michelin-starred multi-location NYC restaurateur. The tenant will occupy approximately 5,000 square feet of total space.
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
- Newly signed a 15-year lease with a Michelin-starred restaurant, beginning September 1, 2026
- 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 5,000 sf restaurant
- 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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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$396,688.00
$33,057.33/mo
Valuation Metrics
0
DSCR
4.41%
Cap Rate
4.41%
ROI
Map
Zoning
R8 ResidentialMulti FamilyGeneral Residence
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View all 99 uses
View all 99 uses Last updated Jun 22, 2026 For deeper zoning details, reports are available at Zoneomics
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