129 E 47th St 7 Unit Apartment Building $14,500,000 ($2,071,429/Unit) New York, NY 10017

The New York Multifamily Team is pleased to exclusively offer for sale 129 East 47th Street, located in the Midtown East neighborhood on the North side of 47th Street, between Lexington Avenue and Third Avenue. This mixed-use building includes 7-units comprised of approximately 7,121 square feet with 20’ of frontage. This property sits on a 20’ x 100.42’ lot (Block: 1302 and Lot: 24) and is built 20’ x 89’. The property is zoned C5-3 and has an additional 23,053 square feet
of untapped air rights.

• THE OPPOR T U NI T Y
Building Overview: This 5-story mixed-use building features 20 feet of frontage on 47th Street and contains 5 residential apartments above 2 commercial units. The residential unit mix consists of 4 one-bedroom apartments, and 1 four-bedroom apartment. The commercial units span two floors, with the ground floor retail being approximately 2,000 Square feet and the second-floor retail space roughly 1,800 Square feet.

• Development Opportunity: Prime development site with 30,150 maximum buildable square feet just one block from Grand Central Terminal. Zoned with a residential FAR of 10 and a commercial FAR of 15, this asset offers exceptional flexibility and scale in one of Midtown Manhattan’s most sought-after locations. 100% Free Market Status: All the residential apartments in 129 East 47th Street are 100% Free-Market, giving potential buyers future rental upside and flexibility. A buyer can feel comfortable knowing that they do not need to take on burdensome management of rent-regulated apartments or run the risk of exposure from an unlawful deregulation.

• Retail Repositioning Opportunity: With the second-floor retail space vacant and a demolition clause in the ground floor retail, a buyer or user will have the flexibility to reposition the commercial spaces as they see fit. With endless demand for prime retail nearby Grand Central Terminal, there is no question that these spaces will command a premium.

• Desirable Location: Just one block from Grand Central Terminal, this site sits in the heart of Midtown, surrounded by major office towers, hotels, retail, and dining. It benefits from exceptional foot traffic, strong transit access, and proximity to Manhattan’s most iconic business and cultural destinations. The asset sits within a 2 block radius of the 4, 5, 6, 7, and s shuttle subways, along with the Long Island Railroad, and the Metro-North Railroad.