Hotel, Office, or Condo Site for Sale
17 West 24th Street, New York, NY 10010
Price Not Disclosed
68 Rooms | Hotel & Motel
JOINT VENTURE OR SALE. Owners are looking for 15% ownership in new hotel. The Property currently consists of a 5-story elevator office building with approximately 7,800 SF, which can be further redeveloped into a 18-19-story hotel or an office tower with 29,125 SF (building has additional 17,875 sq' of air rights. Total buildable sq' is 25,675, which is FAR 10 as of right, plus the cellar of 2500 sq' + 1000 sq' for mechanical deductions). All documents are filed with the New York City Building Department to allow building a hotel with around 29,000 sq', reception area and the retail space on the ground floor.
Monthly rental income is between $35,000 & $38,000. All tenants have leases up to 6 months. Building will be delivered vacant at closing.
Existing building is in excellent condition, central A/C, elevator. 4th & 5th floors can be used as residential apartments according to C/O. With long term tenants the monthly rent can go up to $40,000.
Block 826, Lot 28. Lot size 26' x 98.75' =2,568 sq.' Zoning M1-6. FAR 10. Total buildable: up to 29,125 sq.' Annual Taxes: $45,000.
Annual expenses: $48,000. Potential annual income: $480,000
This building is located in Manhattan, New York, within only 100 feet from Madison Square Park, on the intersection of Fifth Avenue, Broadway and West 24th Street. Ten blocks from Penn Station. Subway Trains: N, R, W, F, V, 6.