44 West 46th Street, New York, NY 10036

BKREA has been exclusively retained to arrange the sale of the fee position underlying the ground lease at 44 West 46th Street. The property is a five-story commercial building located in Manhattan’s Midtown–Bryant Park neighborhood.

Location Details

• Situated on the south side of West 46th Street between Fifth Avenue and Sixth Avenue.
• Located near Bryant Park and the Diamond District.
• Benefits from a highly desirable Midtown Manhattan location with strong surrounding commercial activity.

Property Specifications

• Five-story commercial building constructed in 1985.
• Approximately 20 feet of frontage.
• Contains approximately 8,655 gross square feet.
• Surrounded by several boutique commercial properties.
• Air rights have been sold to an adjacent property, limiting future development potential.

Ground Lease Structure

• Ground leased to Hymsal Properties Corp.
• Approximately 42 years remaining on the lease term.
• Structured as an absolute NNN (triple-net) lease.
• Tenant is responsible for all operating expenses and real estate taxes.

Zoning & Development Considerations

• Zoned C6-4.5 (R10), MID.
• Due to the sale of air rights, the property’s value is primarily tied to the existing building and underlying fee interest rather than redevelopment potential.
• Best characterized as a user-property opportunity.

Opportunity Highlights

• Rare opportunity to acquire the fee interest beneath a long-term ground lease in a prime Midtown location.
• Stable ownership structure with a long remaining lease term.
• Attractive to owner-users seeking affordability and functionality rather than traditional investment returns.
• Historically, user-buyers have been willing to pay premiums above levels typically supported by investor demand.
• Positioned in a highly sought-after area near Bryant Park and the Diamond District.