19 55Th StNew York, NY 10019

This exceptional 10-story, 34,000 square foot mixed-use building at 19 W 55th St, New York, NY 10019, presents a unique value-add opportunity. Currently 9% occupied, with three rent-stabilized tenants, the property is primed for redevelopment. Architectural plans by Clive Longstein envision a classically renovated building with three additional stories, featuring a striking white limestone facade, double-height windows, and multiple outdoor terraces. The existing structure, a red brick building with black-painted ground levels, sits on a 5,000 square foot lot and boasts 5,000 square feet of air rights. The permitted C1/6 zoning allows for diverse uses, including a luxury condo conversion, as detailed in the included plans. A long-term lease offer from a renowned restaurateur for $42,000 per month is also available. This prime Manhattan location, adjacent to the Peninsula Hotel and near Central Park and MoMA, offers unparalleled convenience and prestige. The building's proximity to multiple subway lines ensures excellent transportation access throughout the city. The asking price is $37,000,000, representing a price per square foot of $1,088.24. Built in 1920, this distressed property offers significant upside potential for the discerning investor. The property includes 28 units.