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Listing Courtesy of Serhant
$ 8,580,000
Est. payment | /mo
5 Beds
3 Baths
$ 8,580,000
Est. payment | /mo
5 Beds
3 Baths
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Nomad
MLS Listing ID RLS20077300
Style Loft
Bedrooms 5
Full Baths 3
HOA Y/N Yes
Year Built 1915
Property Sub-Type Apartment
Property Description
Welcome to 816 Avenue of the Americas An income-producing mixed-use corner building in one of Manhattan's most sought-after neighborhoods: NoMad (North of Madison Square Park). Sitting at the corner of 6th Avenue and West 28th Street, this four-story building delivers $33,400/month in current in-place income: a full-floor restaurant anchor on the 1st and 2nd floors, and a passive AT&T rooftop antenna lease at $5,400/month. The 3rd and 4th floors are currently vacant - a key opportunity for the next owner to act immediately. INCOME HIGHLIGHTS: 1st & 2nd Floor Restaurant: $28,000/month $336,000/year 3rd Floor: VACANT (formerly $5,000/mo) - ready for conversion 4th Floor: VACANT (formerly $5,000/mo) - ready for conversion AT&T Rooftop License: $5,400/month $64,800/year Current Total: $33,400/month $400,800/year VALUE-ADD OPPORTUNITY: The 3rd and 4th floors are prime candidates for conversion to market-rate 2-bedroom residential apartments. Proposed architectural layouts are available showing 2BR configurations with private baths, kitchens, and living areas. Estimated market rent: $5,500-$6,000/month per unit - lifting projected gross income to $533,000-$545,000/year. DEVELOPMENT UPSIDE: Zoned C6-4X with a max FAR of 10.0, the building currently utilizes only 4.75 FAR (4,690 SF). This leaves 5,190 SF of unused air rights available for vertical expansion, transfer to an adjacent lot, or future development - a rare and valuable asset in this location. Transportation: N/R/W subway at 28th Street and the B/D/F/M at 34th Street-Herald Square. Surrounded by luxury hotels, tech companies, world-class dining, and the Flower District. NoMad continues to command premium rents and sustained investor demand. Asking Price: $8,580,000 Cap Rate: 4.8 Shown by appointment only. Financials available upon request.
Location
State NY
County New York
Rooms
Basement Other
Interior
Fireplace No
Laundry Building None
Exterior
Exterior Feature None
View Y/N Yes
View City
Porch None
Private Pool No
Building
Story 1
New Construction No
Others
Ownership Rental Building
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by WJFNY