Eastern Consolidated has been retained as the exclusive agent to market for sale 410-414 West 47th Street, two contiguous mixed-use buildings in Hell’s Kitchen.
The flexibility of the current leases in place grants a potential purchaser the option to pursue multiple strategies for re-development for the two-building parcel.
Adelaide Polsinelli and Lipa Lieberman, senior directors with Eastern Consolidated, are exclusively representing the seller.
“There is enormous potential for an investor looking to optimize on the incredible residential demand for new Manhattan living space in a great culturally rich neighborhood,” said Polsinelli.
The properties are located on West 47th Street between Ninth Avenue and Tenth Avenues, steps from Times Square and the Theater District.
The two buildings offer 16,000 s/f of floor area — with 3,085 s/f of unused development rights and 48 feet of frontage on West 47th Street.
The brokers believe the parcel is a prime candidate for conversion to high-end rental or condo.
410 West 47th Street, a five-story, elevator loft building, is currently leased until August 2014. 412-414 West 47th Street (once home to Harold Ross, the magazine editor and founder of the New Yorker, a three-story, walk-up apartment building, is fully occupied until 2015.
Lieberman pointed out the parcel’s location. “There is tremendous potential to convert this property into a highly desirable live/work space in close proximity to the best the City has to offer,” he said. “Many area residents have the ability to enjoy the benefits of walking to work, shopping, nightlife, the arts, and public transit, which are all just steps away.”