Real Estate Weekly
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Free Market Hell’s Kitchen apartment building offered for sale

JLL Capital Markets announced that it has been retained to arrange the sale of 515 West 47th  St., a 15-unit, free-market apartment building with one ground-floor retail space located a short walk from the Theater District in Manhattan’s Hell’s Kitchen neighborhood. The  asking price is $8.5 million.

Situated on the north side of West 47th Street, between 10th and 11th avenues, the 10,675-square-foot building was completely gut renovated in 2014 and has been meticulously maintained since. The retail is occupied by The Jolly Goat Coffee Bar, a neighborhood institution founded in 2014 that has been ranked among the city’s best coffee by the local blog.

515 West 47th Street is currently configured with one one-bedroom, 10 two-bedrooms, one three bedroom and three four-bedroom units. The ground-floor rear apartments feature private outdoor spaces as do the units on the 5th floor, which have private roof terraces. Each unit features a stacked washer-dryer and high-end finishes.

The property is located a short walk from the Theater District and countless restaurants, bars and entertainment along 8th, 9th and 10th avenues. There are also several Times Square transportation hubs within close walking distance offering access to multiple subway lines and providing a convenient subway ride to all parts of the city.

The JLL team representing the seller is being led by Managing Directors Hall Oster and Jonathan Hageman, Vice President Teddy Galligan and Associates Jake Russell and Braedon Gait.

“515 West 47th St. enjoys an unrivaled location in a neighborhood with one of the liveliest environments in the city with Broadway and off-Broadway, top restaurants and nightlife,” said Oster. “The property is conveniently located near mass transit and the city’s leading business districts.”

“The reopening of Broadway has led to a return to normalcy in the neighborhood, while the ongoing expansion of the 18 million-square-foot Hudson Yards development will be a strong demand driver for future rent growth,” added Hageman. “The property has powerful appeal to investors seeking a low-maintenance, turnkey, free-market building.”

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