65 W 55th St

65 W 55th St

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Listing was updated on: 01/11/2023

65 W 55th Street, New York City, NY, United States

The Anton Group at Marcus & Millichap, as the exclusive agent to ownership, is pleased to offer for sale the 112,000-square-foot mixed-use property at 65 West 55th Street, (The Property”). Built-in 1963, the Property contains 70 residential units in +/-58,263 net rentable square feet, +/-38,601 remeasured leasable office square feet, 3-street level retail units, and a +/-7,864 square foot garage. The building contains 12 floors plus a penthouse, the ground floor contains the retail spaces and the garage entry, floors 2 through 4 contain offices, and floors 5 through 12 plus the terraced penthouses contain the residential units. The property is located 2 blocks from the Museum of Modern Art, close to Rockefeller Center, and a short walk to Central Park. The area is replete with restaurants and convenient to world-renowned luxury shopping along 5th Avenue. There are numerous 5 Star hotels throughout the area. It is within walking distance of the Theater District, City Center and Carnegie Hall is steps away. The area is the epicenter of all that typifies New York City.

The ownership has embarked on a successful program of combining Rent Stabilized units which legally permits the increase of the stabilized rents. The units remain under Rent Stabilization, but the new rents for the combined units are set to a market price. To date, ownership has been successful with this program and combined 9 units. In addition to the 26 Free Market units, there are 44 Rent Stabilized units that have the potential to be combined and reset to market rent in the future. West 55th Street Between 5th and 6th Avenues (Avenue of the Americas). The westbound street contains a mixture of luxury condominiums, Class A office buildings, and the 5-Star Peninsula Hotel. It is dominated on the northwest corner of Fifth Avenue by the 5th Avenue Presbyterian Church, on the southwest corner by the Peninsula Hotel, and on the southeast corner of 6th Avenue by 1350 6th Avenue, a major office building. The street contains many restaurants and parking facilities in addition to small retail spaces in the converted former brownstones and single-family homes.