Investment Overview

THE OFFERING Marcus & Millichap is pleased to offer for sale 362 West 52nd Street, located in the heart of Midtown West. 362 West 52nd Street is a 20,570 square foot mixed-use property on the South side of West 52nd Street between 8th and 9th Avenues. The property is zoned R8 and is built 32 ft X 87 ft on a 32 ft X 100 ft lot (Block: 1042; Lot: 58). THE OPPORTUNITY Rare Offering: Offered for sale for the first time in over 50 years, 362 West 52nd Street is an incredibly rare opportunity to acquire a 24-unit, 6-story mixed-use property in the heart of Manhattan. Located in the bustling Hell’s Kitchen neighborhood, this type of asset rarely comes to market. Grossing over 20,500 square feet, this property represents a sizeable investment opportunity that is asking well below replacement cost. The property could not be built today under current zoning laws, which allows the purchaser to capitalize on the existing structure while repositioning the interior. Value-Add Opportunity: 362 West 52nd Street represents a one-of-a-kind value-add and retail repositioning opportunity. Both of the approximately 750 square foot retail spaces will be delivered vacant at sale, allowing the purchaser to reposition the spaces and lease to new retail tenants. The Hell’s Kitchen neighborhood of Manhattan is widely regarded as one of the city’s top retail destinations and is buzzing with countless restaurants, bars and shops. The residential portion of the property will be delivered vacant with the exception of seven remaining residential tenants. This makes the opportunity a strong candidate for a substantial rehabilitation, which would render the building 100% free market upon completion. Affordable Housing Business Plan: 362 West 52nd Street offers significant upside through an affordable housing business plan. The purchaser can lease up the apartments to Section 8 and CityFHEPS voucher holding tenants, resulting in a steady, guaranteed income-stream. A purchaser using this affordable development strategy can charge the full value of the voucher, exceeding current legal rents.