440 W 45th St
New York, NY 10036
438-440 West 45th Street · Multifamily Property For Sale

C&W has been exclusively retained to offer for sale 438 and 440 West 45th Street in the Midtown West neighborhood of Manhattan in New York, NY. The offering features two adjacent multifamily properties spanning 50’ of frontage along the south side of West 45th Street between 9th and 10th Avenues. The properties are comprised of a combined 30 apartments – 15 per building – consisting of a varied mix of 1-Bedroom and 2-Bedroom units. The two, five-story walk up buildings consist of eight (8) free market and twenty-two (22) rent stabilized apartments, spanning a combined 18,350 square feet.
The offering presents a rare opportunity for a new investor to acquire two multifamily properties in the heart of Manhattan at a price point significantly below replacement cost. With 9 vacant apartments, new ownership has a wide array of potential opportunities. The buildings themselves are in excellent condition as ownership recently renovated interior hallways and updated building systems such as electric meters. There is also ample opportunity in the lower level to add value in a variety of different ways. A new owner could convert the lower-level space to storage and rent it out or add amenities such as laundry or fitness for the tenants. Furthermore, the City has announced a pilot program whereby they are paying landlords to convert lower level basements with proper light and air into apartments. 438 and 440 West 45th Street both have ample light and air in their basements to meet these requirements.
438 and 440 West 45th Street are situated in the heart of Manhattan’s Midtown West neighborhood. The neighborhood’s bohemian and diverse character is defined by its ability to attract professionals from all industries from finance to art to medical. The subject properties sit between 9th and 10th Avenue, two corridors that have evolved into some of the best dining and nightlife thoroughfares in all of Manhattan. The neighborhood is bound by major New York landmarks such as Hudson Yards immediately to the south, Central Park to the north, the Hudson River to the west and the Theater District and Times Square to the East. The properties are also located just a few blocks away from several transportation options including the A, C & E trains on 8th Avenue and the 1, 2, 3, N, R, Q and W trains on 7th Avenue. These fundamentals make this a great bet for investors in both the near and long term.