Office
54 West 39th Street
54 W 39th St, New York, NY 10018
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present the exclusive offering of 54 West 39th Street (the “Property”), a 16-story, approximately 47,000 rentable square foot multi-tenant office building located between Fifth and Sixth Avenues in Midtown Manhattan, within the newly rezoned Midtown South Mixed-Use District.
The Property is offered fee simple, free and clear of any ground lease, and is currently 84% occupied across 19 units. The tenant base is anchored by a concentration of health, wellness, and fitness operators, including Training Lab NYC, R2 Fitness, RMN Fitness, and Brooklyn Breathes, which collectively occupy approximately 16,000 rentable square feet. This tenancy has established the building as a recognized wellness-oriented destination in Midtown.
The Property generates $2,037,700 in in-place annual rent with a Year 1 NOI of $1,614,146. The majority of leases are at rents in the low-to-mid $40s per square foot, representing a meaningful discount to current market levels and creating a clear near-term mark-to-market opportunity.
Additionally, the Property benefits from a recorded air and light easement with the adjacent property at 56 West 39th Street, ensuring permanent northern light and protected views. Coupled with the August 2025 approval of the Midtown South Mixed-Use Rezoning—which permits residential development up to 18 FAR on this block—the Property offers a compelling combination of stable income, embedded upside, and long-term optionality in one of Manhattan’s most active investment corridors.
54 West 39th Street
Investment Highlights
- 54 West 39th Street sits at the precise intersection of Midtown's two most active office corridors — the Bryant Park/Grand Central axis to the east and the Penn Station/Times Square axis to the west.
- 54 West 39th Street has organically attracted one of the most concentrated health and wellness tenant bases of any mid-size Midtown office building.
- The Property benefits from a recorded air and light easement with the adjacent property at 56 West 39th Street to the north. This easement permanently protects the north-facing light and views.
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- 54 West 39th Street sits at the precise intersection of Midtown's two most active office corridors — the Bryant Park/Grand Central axis to the east and the Penn Station/Times Square axis to the west.
- 54 West 39th Street has organically attracted one of the most concentrated health and wellness tenant bases of any mid-size Midtown office building.
- The Property benefits from a recorded air and light easement with the adjacent property at 56 West 39th Street to the north. This easement permanently protects the north-facing light and views.
Investment Overview
Marcus & Millichap is pleased to present the exclusive offering of 54 West 39th Street (the “Property”), a 16-story, approximately 47,000 rentable square foot multi-tenant office building located between Fifth and Sixth Avenues in Midtown Manhattan, within the newly rezoned Midtown South Mixed-Use District. The Property is offered fee simple, free and clear of any ground lease, and is currently 84% occupied across 19 units. The tenant base is anchored by a concentration of health, wellness, and fitness operators, including Training Lab NYC, R2 Fitness, RMN Fitness, and Brooklyn Breathes, which collectively occupy approximately 16,000 rentable square feet. This tenancy has established the building as a recognized wellness-oriented destination in Midtown. The Property generates $2,037,700 in in-place annual rent with a Year 1 NOI of $1,614,146. The majority of leases are at rents in the low-to-mid $40s per square foot, representing a meaningful discount to current market levels and creating a clear near-term mark-to-market opportunity. Additionally, the Property benefits from a recorded air and light easement with the adjacent property at 56 West 39th Street, ensuring permanent northern light and protected views. Coupled with the August 2025 approval of the Midtown South Mixed-Use Rezoning—which permits residential development up to 18 FAR on this block—the Property offers a compelling combination of stable income, embedded upside, and long-term optionality in one of Manhattan’s most active investment corridors.
Exclusively Listed By
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