Log In/Sign Up
Your email has been sent.
321-323 W 51st St 5 Unit Apartment Building $9,000,000 ($1,800,000/Unit) 4.41% Cap Rate New York, NY 10019
Investment Highlights
- Featuring a Newly Executed 15-year Lease With Michelin-Starred Restaurant Tenant
- Rare first-time sale in over fifty years reflecting long-term ownership stability.
- Additional upside through unused air rights supporting future expansion strategies.
- Strong foot traffic supported by Times Square, Broadway theaters, Columbus Circle, and Central Park.
- Five free-market residential units offering strong rent durability and occupancy trends.
Executive Summary
• First sale in over 50 years - opportunity to acquire two adjacent four-story buildings on West 51st Street in the core of the theater district
• Well-maintained asset with in-place income from a marquee restaurant tenant and 5 Free Market residential apartments above
• Exceptional Midtown West location surrounded by dense residential, office, hotel, and nightlife uses, supporting strong foot traffic and long-term demand
• Newly signed a 15-year lease with a Michelin-starred restaurant, beginning September 1, 2026
• Two adjacent tax lots totaling approximately 4,016 square feet of lot area and 10,016 square feet of existing building area
• Six total units across both buildings, including five residential units and one 5,000 sf restaurant
• Approximate 6,851 square feet of unused air rights, providing long-term optionality for a future owner
Featured Tenant: Izakaya Sozai
The property is newly leased to Izakaya Sozai under a 15-year term starting September 1, 2026. The concept is backed by an established, Michelin-starred multi-location NYC restaurateur. The tenant will occupy approximately 5,000 square feet of total space.
• Well-maintained asset with in-place income from a marquee restaurant tenant and 5 Free Market residential apartments above
• Exceptional Midtown West location surrounded by dense residential, office, hotel, and nightlife uses, supporting strong foot traffic and long-term demand
• Newly signed a 15-year lease with a Michelin-starred restaurant, beginning September 1, 2026
• Two adjacent tax lots totaling approximately 4,016 square feet of lot area and 10,016 square feet of existing building area
• Six total units across both buildings, including five residential units and one 5,000 sf restaurant
• Approximate 6,851 square feet of unused air rights, providing long-term optionality for a future owner
Featured Tenant: Izakaya Sozai
The property is newly leased to Izakaya Sozai under a 15-year term starting September 1, 2026. The concept is backed by an established, Michelin-starred multi-location NYC restaurateur. The tenant will occupy approximately 5,000 square feet of total space.
Property Facts
| Price | $9,000,000 | Property Subtype | Apartment |
| Price Per Unit | $1,800,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.41% | Lot Size | 0.09 AC |
| Gross Rent Multiplier | 13.2 | Building Size | 10,016 SF |
| No. Units | 5 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1920 |
| Zoning | R8, New York - R8 Zoning in NYC is a “high density” residential zoning district. | ||
| Price | $9,000,000 |
| Price Per Unit | $1,800,000 |
| Sale Type | Investment |
| Cap Rate | 4.41% |
| Gross Rent Multiplier | 13.2 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 10,016 SF |
| No. Stories | 4 |
| Year Built | 1920 |
| Zoning | R8, New York - R8 Zoning in NYC is a “high density” residential zoning district. |
Amenities
Unit Amenities
- Fireplace
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 1042-0121 | Improvements Assessment | $132,722 |
| Land Assessment | $138,748 | Total Assessment | $271,470 |
Property Taxes
Parcel Number
1042-0121
Land Assessment
$138,748
Improvements Assessment
$132,722
Total Assessment
$271,470
(212) 544-9500
x100
Contacts
-
Christoffer Brodhead -
Michael Tortorici -
Chéri Roohi -
Ariel Property Advisors
1 of 7
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
