2 West 16th Street

About this property

The Henry G. Stebbins Mansion, was originally constructed in 1852 as a 35’ wide single-family residence with a carriage house in the heart of the Flatiron District right off Fifth Avenue.

Today, the property consists of thirteen (13) free-market residential units across 12,796± gross square feet, situated on the south side of West 16th Street between 5th Avenue and 6th Avenue. The Property possesses a charm that is unmatched by typical multifamily walk-up buildings. Four stories high above an English basement, the mansion features carved pilaster panels bordering the entranceway, an intricate hood on foliate brackets above the arched doorway, and floor-to-ceiling windows at the parlor level. There are also heavy Italianate railings that lead down the stoop. Even more, a private carriage house faces a quiet alley leading to West 15th Street, providing the Property with additional distinguishing character. Of the thirteen (13) residential units, two (2) are large alcove studios, three (3) feature one-bedroom layouts, seven (7) feature two-bedroom units, and one (1) is a four-bedroom, two-bathroom duplex.

There is significant untapped value-add potential that can captured effortlessly by implementing cosmetic upgrades throughout the residential units and common areas. Additionally, a buyer can boost rents by increasing bedroom counts given the Property’s generous apartment sizes.

The Property is ideally located steps away from Union Square Park and Madison Square Park and is surrounded by the vast dining, shopping, and entertainment establishments that have made the area so popular with locals and tourists alike. The Property is within two blocks of 15 different subway lines, offering immediate access to all of Manhattan, Brooklyn, Queens, The Bronx, and New Jersey. 2 West 16th Street offers investors the rare opportunity to acquire a quintessential value-add opportunity in one of New York City’s premier residential neighborhoods