$6,350,000
Updated 6 years ago
Off Market

369 West 46th Street

Hell's Kitchen, Manhattan | Eighth Ave & Ninth Ave

5,231 Square FeetMixed Use

$6,350,000
floors / apts5 / 2
Lot Size16'5"x15'1"
Built Size16'5" wide
ZoneR8
Building TypeTownhouse
RE Taxes$103,000
Price Per SF
$1,214

Property Description for 369 West 46th Street

JLL has been retained on an exclusive basis to arrange for the sale of 369 West 46th Street, a 16.5' wide 3-unit mixed-use building on the north side of West 46th Street between 8th and 9th Avenues. The building is located in the Hell's Kitchen neighborhood on the famed "Restaurant Row" which is highly acclaimed for its many distinct bars and restaurants. The Ritz Bar & Longe has occupied the ground and second floor since 2006, while the upper floors are configured as 2 floor-through apartments. Both apartments have been recently renovated, are Free Market and will be delivered vacant, while the retail space and other building infrastructure were upgrade in 2009. The Ritz Bar & Lounge would like to remain in place on a 10-year lease with one 5-years renewal option. In addition, to a gross monthly rent of $30,30,000 the tenant would also pay 50% of the real estate tax increases over a 2019/2020 base year. The property is located a short walk from countless bars and restaurants along 8th & 9th Avenue, The Theater District and the Times Square transportation hub offering access to the ACE123BDFMNQRW7 subway lines providing for a convenient subway ride to all parts of the city. While maintaining connections to its working-class oigins, the neighborhood has evolved in recent years to become Midtowns most sought-after residential and cultural enclaves. With its central location on one of Manhattans best retail corridors and its ability to produce market rate cash flows, 369 West 46th Street is ideal for investors looking for a mixed-use property free of rent regulation, in an attractive location, The property will be sold on as as-is where-is basis.

Listing History for 369 West 46th Street

Now
11/18/2020
POM by Hall Oster
JLL
05/27/2020
$6,350,000 [-$600,000] [8.6%]
Price Drop by Hall Oster
JLL

Building Details for 369 West 46th Street

OwnershipMixed Use
Building TypeTownhouse
AgePre-War
AccessWalk-up
Year Built1920
Floors/Apts5/2
Learn More About the Building

Transit and Citi Bike

Subway

42 St-Port Authority Bus Terminal
0.25 miles
50 St
0.25 miles
49 St
0.33 miles
50 St
0.34 miles
Times Sq-42 St
0.4 miles

Citi Bike

W 47 St & 9 Ave
0.05 miles
W 44 St & 9 Ave
0.11 miles

Contact Agents

Contact Agents

Hell's Kitchen | Manhattan

Quick Profile

There is some mystery surrounding Hell’s Kitchen and how it got its name. There’s the tale about two policemen discussing how horrendous the neighborhood was back in 1880’s. The rookie cop turned to the veteran cop and said, “this place is hell.” The veteran cop replied, “No, this is hell’s kitchen.” Some say it's named after a notorious 19th century motorcycle gang. Even the historians will tell you the neighborhood's name has dubious origins. 

Regardless of how it got its name, Hell’s Kitchen is here to stay.

Hell’s Kitchen is an iconic neighborhood on the west side of Manhattan. Its boundaries are 34th and 59th streets and 8th Avenue to the Hudson River. The neighborhood has a dense urban feel with plenty of bars, bodegas, restaurants and coffee shops. It’s inhabited by an eclectic mix of young professionals, long term residents from the old days, LGBQT community and members of the performing arts community - due to the highest number of off Broadway theatres in all of New York CIty. 

From the early 1800’s to the 1980’s, Hell’s Kitchen held the title for one of the toughest neighborhoods in the city. In its early history it was populated by poor working class Irish and street gangs. Riots, violence, and crime were not uncommon. During prohibition times it was said that Hell’s Kitchen had more speakeasies than children. 

Several attempts of neighborhood rebranding have taken place over the years. Clinton, Midtown West, and even the short-lived Hell’s Canyon are a few of the replacement names that have been used. Hell’s Kitchen has a lot of grit and no shortage of fortitude. A trendy name change seems doubtful. 

Hell’s Kitchen benefited greatly from the Times Square clean up in the 1990’s. When crime rates lowered and adult theatres and prostitution disappeared, Times Square became less sleazier. Soon after, Hell’s Kitchen changed. The days of Gangsters, Irish immigrants, and rough and tumble housing tenements are part of its storied history. They’ve been replaced with bars, bodegas, restaurants, off broadway theatres, and luxury buildings. The recent completion of Hudson Yards and the Highline extension has brought new life into Hell’s Kitchen 

Low-rises, brownstones, row houses and 5 to 6 floor walk ups with studio and one bedroom apartments are common in Hell’s Kitchen. The local zoning laws from previous years kept the building heights on the lower side. Over the past decade, developers have been granted exceptions to building height zoning laws and created more modern highrise developments.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 77390TH