321-323 W 51st St
New York, NY 10019
Multifamily Property For Sale · 5 Units

321–323 West 51st Street presents a rare opportunity to acquire two adjacent, well-maintained mixed-use buildings in the heart of Midtown West’s Theater District, one of Manhattan’s most consistently high-demand submarkets. Offered for the first time in more than fifty years, this legacy asset combines a highly visible ground-floor restaurant tenant with five free-market residential units above, creating a compelling blend of stable income and long-term repositioning potential.
The properties benefit from exceptional foot traffic driven by Times Square, Broadway theaters, Central Park, major hotels, and global entertainment venues, all within minutes. Midtown West continues to attract both residents and operators seeking proximity to major employment corridors, world-class cultural amenities, and one of the most comprehensive transit networks in the country. The site sits steps from the A, C, E, B, D, N, Q, R, W, and 1 subway lines, providing unmatched connectivity throughout Manhattan and the outer boroughs.
The asset totals approximately 10,016 square feet across two tax lots and includes a 4,000-square-foot ground-floor restaurant with rollover optionality upon lease expiration in July 2026. This flexibility allows investors to renew, re-tenant, or capture the space for an owner-operator program in a corridor known for premium dining demand. The five free-market residential units above offer stable occupancy and strong rental performance consistent with Midtown West multifamily fundamentals. The properties also contain approximately 6,851 square feet of unused air rights, further enhancing long-term optionality for redevelopment or future vertical expansion.
Surrounded by dense residential, office, hotel, and entertainment uses, 321–323 West 51st Street is positioned to benefit from sustained tourism levels, year-round pedestrian volume, and the district’s ongoing appeal to both local and international visitors. This unique mixed-use investment offers investors stable cash flow today with meaningful strategic flexibility over the long term.