Office
17 East 48th Street
17 E 48th St, New York, NY 10017
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present for sale 17 East 48th Street the “Property”, a nine story, 21,004 square foot fee simple mixed use building located in the heart of The Plaza District, Manhattan. Positioned one block from Fifth Avenue, steps from Rockefeller Center, and directly across from JPMorgan Chase’s new $4 billion global headquarters at 270 Park Avenue, the Property sits within one of the most dynamic and strategically important corridors in New York City. The Property also benefits from exceptional
accessibility, located moments from Grand Central Terminal with access to the 4, 5, 6, 7, and Shuttle trains, as well as nearby subway lines including the B, D, F, and M, providing seamless connectivity throughout Manhattan and the greater New York metropolitan area.
Owned and operated by the same family since the late 1980s, the Property is being offered for sale for the first time in decades, presenting a rare opportunity to acquire a generational Midtown asset with long term institutional relevance.
The building has delivered stable, in place cash flow for decades, anchored by Hatsuhana, New York City’s longest operating sushi restaurant, which has operated at this location since 1976. Hatsuhana occupies the building’s three most valuable floors under a long term lease extending through December 2038, providing over twelve years of durable, contractual income.
The investment opportunity is defined by a compelling combination of income stability and forward looking upside. Approximately 58 percent of the Property’s income is secured by the Hatsuhana lease, while a recently executed lease with the Irvine Group on the eighth floor, commencing this Spring, further enhances near term cash flow. Additionally, six upper floor leases roll within the near term, presenting meaningful mark to market potential in a submarket where boutique Class B office availability has tightened to its lowest levels since 2019.
17 East 48th Street
Investment Highlights
- Owned and operated by the same family since the late 1980s, the property is being offered for sale for the first time in decades, presenting a rare opportunity to acquire a institutional quality asset
- Hatsuhana, New York City's longest operating sushi restaurant, has operated at the Property since 1976 and is leased through December 2038, providing long-term cash flow stability.
- Located directly across the street from JPMorgan Chase's newly completed $4 billion global HQ at 270 Park Ave, widely considered the most significant corporate real estate investment in a generation.
- Steps from Rockefeller Center and Fifth Avenue, the Property benefits from immediate access to Grand Central Terminal and multiple subway lines including the 4, 5, 6, 7, Shuttle, B, D, F, and M, supporting strong tenant demand and long-term value.
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- Owned and operated by the same family since the late 1980s, the property is being offered for sale for the first time in decades, presenting a rare opportunity to acquire a institutional quality asset
- Hatsuhana, New York City's longest operating sushi restaurant, has operated at the Property since 1976 and is leased through December 2038, providing long-term cash flow stability.
- Located directly across the street from JPMorgan Chase's newly completed $4 billion global HQ at 270 Park Ave, widely considered the most significant corporate real estate investment in a generation.
- Steps from Rockefeller Center and Fifth Avenue, the Property benefits from immediate access to Grand Central Terminal and multiple subway lines including the 4, 5, 6, 7, Shuttle, B, D, F, and M, supporting strong tenant demand and long-term value.
Investment Overview
Marcus & Millichap is pleased to present for sale 17 East 48th Street the “Property”, a nine story, 21,004 square foot fee simple mixed use building located in the heart of The Plaza District, Manhattan. Positioned one block from Fifth Avenue, steps from Rockefeller Center, and directly across from JPMorgan Chase’s new $4 billion global headquarters at 270 Park Avenue, the Property sits within one of the most dynamic and strategically important corridors in New York City. The Property also benefits from exceptional accessibility, located moments from Grand Central Terminal with access to the 4, 5, 6, 7, and Shuttle trains, as well as nearby subway lines including the B, D, F, and M, providing seamless connectivity throughout Manhattan and the greater New York metropolitan area. Owned and operated by the same family since the late 1980s, the Property is being offered for sale for the first time in decades, presenting a rare opportunity to acquire a generational Midtown asset with long term institutional relevance. The building has delivered stable, in place cash flow for decades, anchored by Hatsuhana, New York City’s longest operating sushi restaurant, which has operated at this location since 1976. Hatsuhana occupies the building’s three most valuable floors under a long term lease extending through December 2038, providing over twelve years of durable, contractual income. The investment opportunity is defined by a compelling combination of income stability and forward looking upside. Approximately 58 percent of the Property’s income is secured by the Hatsuhana lease, while a recently executed lease with the Irvine Group on the eighth floor, commencing this Spring, further enhances near term cash flow. Additionally, six upper floor leases roll within the near term, presenting meaningful mark to market potential in a submarket where boutique Class B office availability has tightened to its lowest levels since 2019.
Exclusively Listed By
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