322-324-326 West 46th Street 3 Properties in New York, NY

Cushman & Wakefield has been exclusively retained to offer a rare opportunity to acquire the 100% fee simple interest in 322, 324 and 326 West 46th Street (the “Property”) located in the heart of the Theater District in Midtown West. The Property is one of the most culturally significant in all of New York as it has been home to the renowned Joe Allen restaurant – Broadway’s premier pre- and post-show dining destination – since the 1960s. The three adjacent buildings span approximately 12,744 square feet across four stories above grade plus a 2,450 square foot cellar. It is currently configured as three operating restaurants (Joe Allen, Orso and Bar Centrale) as well as office space, ancillary kitchen and prep rooms and an oversized triplex apartment.
The Property is situated on the historic restaurant row, the premier Theater District dining destination that spans the entire block of West 46th Street between 8th and 9th Avenues in Midtown West. The subject Property is on the south side of the block and is home to the three most highly sought-after F&B concepts on the street and in the neighborhood. 322, 324 and 326 West 46th Street are conveniently located steps from the biggest attractions New York City has to offer, including the world’s greatest theatrical productions, Times Square, Columbus Circle and Central Park to the north and Hudson Yards to the south.
This is a unique opportunity in that each of the restaurant’s brands can be included in the sale of these three contiguous buildings as they are all owned and operated by the current landlord. Additionally, each of the restaurants are in turnkey condition, having gone through a wide array of various renovations over the past several years. This makes for a rare chance for a restaurant operator and/or investor to immediately take over operations of three of the most successful F&B concepts in the neighborhood, without missing a beat.
The Property features three separate buildings on three separate tax lots; 322 West 46th Street (1036-142), 324 West 46th Street (1036-43) and 326 West 46th Street (1036-44). As a result of the various tax lots, each building has the benefit of a tax class 2A tax designation, therefore keeping property taxes significantly below comparable commercial properties in Manhattan.
The Property is also conveniently located in the immediate vicinity of New York’s major transportation hubs. These include Penn Station and the Port Authority to the south as well as Grand Central Terminal to the east. The Property is easily accessible from a wide array of subway lines including the A-C-E, , and subway lines.