254 W 47th St 10,750 SF 100% Leased Retail Building New York, NY 10036 $10,500,000 ($976.74/SF) 6.14% Cap Rate

254 West 47th Street – Theater District / Midtown West Commercial Building
An exceptional opportunity to acquire a five-story commercial building plus basement located in the true epicenter of Manhattan’s Theater District, one of the most vibrant and heavily trafficked commercial corridors in New York City. Situated between Broadway and Eighth Avenue, the property offers a premier Midtown location with excellent visibility, strong pedestrian traffic, and immediate proximity to Times Square, world-renowned theaters, restaurants, hotels, and multiple subway lines.
The property sits on a 25' × 100.42' lot totaling approximately 2,511 square feet and contains an existing building of approximately 10,750 square feet configured over five stories plus a basement. Built in 1925, the building features classic loft-style interiors with high ceilings, hardwood floors, exposed brick walls, and large open floor plates, making it ideal for a wide range of commercial uses.
The building was previously occupied by a dance studio and restaurant, and the flexible layout is well suited for numerous uses including:
Fitness / Yoga / Pilates
Dance, rehearsal, or performing arts studios
Office / creative workspace / IT office
Restaurant or hospitality concept
Physical therapy or wellness center
Gallery or educational use
Retail or mixed-use conversion
The property is located within a C6-5 zoning district with a maximum FAR of 10.0, allowing for approximately ±25,110 buildable square feet. With an existing structure of 10,750 square feet, the asset benefits from approximately ±14,363 square feet of unused air rights, presenting a compelling value-add opportunity for expansion or redevelopment (subject to approvals).
With its prime Midtown West location, flexible configuration, and significant development potential, 254 West 47th Street represents a rare opportunity to acquire a commercial building in one of Manhattan’s most desirable and dynamic investment locations.