41 West 24th Street

New York, NY

Neighboorhood

Flatiron

Area

15,700 sf / 1,460 m2

Year Built

1910

Units

13

Stories

8

Average Rent 1

$5,500

1 Approximate as of 1/1/2019

Unit Mix

Studios

-

One Bedrooms

-

Two Bedrooms

2

Three Bedrooms

10

Retail

1

Total

13

.

Highlights

  • “Main and main” location at the intersection of Fifth Avenue and Broadway.
  • Situated in most central location of Manhattan’s premier tech office location.
  • Desirable 2- and 3-bedroom units perfect for shares and families.
  • Tenants consist primarily of tech workers from local tech employers, i.e. Google, Amazon.

Upside Potential

  • Rent-regulated tenants can be increased to market-rate rents upon lease expiration.
  • Site includes additional air rights which allow for 30% increase in square footage.
  • Potential for condo conversion in a submarket with sales prices well over $2,000/sf prices.