$20,500,000
Updated 5 years ago
Off Market

324-326 West 47th Street

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

40 Rooms20 Beds20 Baths21,375 Square FeetMixed Use

$20,500,000
floors / apts5 / 36
Lot Size56'x100'
Built Size56' wide
ZoneR8
Building TypeLow-Rise
RE Taxes$300,000
Price Per SF
$959

Building Amenities

  • Voice Intercom
  • Laundry Room

Property Description for 324-326 West 47th Street

324-326 West 47th Street offers a unique opportunity for investors consisting of two five-story buildings with a combined 56ft of frontage and zero open violations. There are 4 commercial and 36 residential units total with 4 being rent-stabilized and one rent-controlled along with a shared laundry room accessed through a private key fob entry. Additional upside includes below-market rents and an estimated 11,970sf of unused residential FAR (air rights and usage will need to be verified by the buyer). Ideal for a turnkey investment, all free-market units have been updated within 10yrs along with the facade in 2018. Anchored between 8th and 9th avenues, location is ideal as Times Square, Port Authority, Rockefeller Center, and the Theatre District are within the immediate vicinity.  Contact us today for more information and a private tour.

Listing History for 324-326 West 47th Street

Now
06/30/2021
TOM by Michael Holt
Compass
05/24/2021
$20,500,000 [-$1,000,000] [4.7%]
Price Drop by Michael Holt
Compass

Building Details for 324-326 West 47th Street

OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1920
Floors/Apts5/36
Learn More About the Building

Transit and Citi Bike

Subway

50 St
0.19 miles
42 St-Port Authority Bus Terminal
0.25 miles
49 St
0.26 miles
50 St
0.27 miles
Times Sq-42 St
0.36 miles

Citi Bike

W 47 St & 9 Ave
0.08 miles
W 45 St & 8 Ave
0.11 miles

Contact Agents

Contact Agents

Nicole Hay
Compass

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: 80727TH