Language and Region
Currency

Email*

Please enter a valid email address.

To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

Message

956 characters remaining

Hmm, there seems to have been an error sending your message. Please try again.

Your email has been sent.

42-46 East 21st Street 3 Retail Properties in New York, NY

.mosaic-column{display:inline-block!important;height:100%!important;width:auto!important}.mosaic-tile i{display:none!important}.mosaic-tile img{height:100%!important;width:auto!important}

Investment Highlights

Significant upside through renovation of legacy residential units currently below market, driving mark-to-market rents upon turnover
Three-building portfolio totaling ~25,145 SF in one of Manhattan’s most supplyconstrained, high-demand neighborhoods
Approximately 9,355 SF of unused development rights provide additional strategic optionality

Residential WALT of approximately 1 year provides near-term access to units, enabling capture of market rents
Parlor-level retail plus two office units with 3.8-year WALT enable phased repositioning or recapture
The Nomad neighborhood is truly a mixed-use one, home to some of the city’s best residential, office, hospitality and retail properties

Executive Summary

42, 44 & 46 East 21st Street (the “Properties”) present a rare opportunity to acquire the 100% fee simple interest in a three-building portfolio totaling approximately 25,145 square feet in the heart of Flatiron/Gramercy—one of Manhattan’s most desirable and supply-constrained neighborhoods. The Properties are ideally positioned between Broadway and Park Avenue South, within a five-minute walk of Gramercy Park, Madison Square Park, and Union Square Park. This premier location sits at the convergence of one of the world’s strongest residential, retail, and office hubs, with immediate access to multiple subway lines and a robust amenity base, including Michelin-star restaurants,
cutting-edge fitness concepts, world-class shopping and multiple luxury hotels.
The assets offer compelling value-add potential through the renovation of the residential units, many of which have not been updated in decades and remain well below current market rents, as well as the potential conversion of the commercial units. A targeted capital program to modernize interiors and common areas presents a clear path to meaningful NOI growth.
The Properties include approximately 9,355 square feet of excess air rights. The commercial component consists of ground- and parlor-level retail along with three professional spaces, all tenanted by local businesses, and features a weighted average lease term (WALT) of 3.8 years— providing near-term flexibility to reposition, recapture, or convert the space to residential use.

Offering Memorandum

Property Facts

Sale Type	Investment or Owner User	Individually For Sale	0
Status	Active	Total Building Size	19,325 SF
Number of Properties	3	Total Land Area	0.16 AC

Sale Type	Investment or Owner User
Status	Active
Number of Properties	3
Individually For Sale	0
Total Building Size	19,325 SF
Total Land Area	0.16 AC

Properties

Property Name / Address	Property Type	Size	Year Built	Individual Price
44 E 21st St, New York, NY 10010	Retail	7,650 SF	1847	-
42 E 21st St, New York, NY 10010	Retail	6,675 SF	1848	-
46 E 21st St, New York, NY 10010	Retail	5,000 SF	1920	-