662 Ninth Avenue #8FAM

About this property

This is a unique opportunity to own two adjacent buildings in the heart of NYC. 662 9th Avenue is an eight family with a commercial downstairs and two cell towers on top while 373 46th Street is a four floor fully commercial building. There is significant upside for the right developer to build up an additional 5000sqFt over 662 9th Avenue & potentially more when you combine 373 46th street which is next door to 662 9th avenue. Property has new boiler, gas lines, new intercom systems in all units, new roof & electric stoves in all residential units. Gross RR over 1m & expenses very low (4% cap rate) Both properties can be delivered fully vacant or left as is. A Time Square area expansion is also being considered and this building would fall under the re-zone. Pro Forma / current RR available on request.

Listing courtesy of Nathaniel Smith, Yaniv Grinberg and, Daniel Mahgerefteh