451 W 43rd St 6 Unit Apartment Building $4,024,508 CAD ($670,751 CAD/Unit) New York, NY 10036

New York Multifamily is pleased to offer for sale 451 West 43rd Street, located in the heart of Midtown West. 451 West 43rd Street is a 4,944 square foot multifamily property on the North side of West 43rd Street between 9th and 10th Avenues. The property is zoned R8 and is built 25 ft X 72 ft and sits on a 25 ft X 100 ft lot (Block: 1053; Lot: 10). The property has an additional 10,166 square-feet of air-rights.
THE OPPORTUNITY
• Rare Offering: 451 West 43rd Street is a rare opportunity to acquire a thoughtfully maintained, generational asset, offered for sale for the first time in 60 years. The property features four free market units and two rent stabilized units – both of which will be delivered vacant at closing. This residential unit mix allows the investor the flexibility to implement renovations, increase rents, and optimize the building's expenses. The property also contains an interior, central light-well, providing natural light in all of the building’s rooms. All six of the units are currently configured as two-bedroom apartments.
• Value-Add Upside: This 6-unit multifamily property offers tremendous upside, with the free-market units being rented considerably below market rate. All four free market units can be renovated to achieve higher rents, with market rates in the area commanding at least 25% more than in-place rents. There is also significant future potential to tap into the existing 10,166 square feet of additional air rights given the building is only three stories. This creates an opportunity to add two additional floors, creating four new units, substantially increasing the asset’s potential income.
• Tax Class Protected: 451 West 43rd Street also falls into the the highly attractive Tax Class 2A designation. By law, taxes cannot increase more than 8% year-over-year or 30% over any given 5-year period. This acts as a strong hedge in a market with rising taxes and expense