Multi-Housing

JT Tai - 246 East 46th Street - 959-961 Second Avenue

46th St And 2nd Ave New York, New York United States 10017
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area
Land Area ()
Number of units 81

Property Description

246 East 46th Street


JLL has been retained on an exclusive basis to arrange for the sale of 246 East 46th Street (the “Property”). The 6-story, 72,666 gross square foot, elevatored apartment building is located on the northwest corner of east 46th Street and Second Avenue, featuring 150’ feet of corner frontage along one of the highly trafficked avenues of Manhattan.


959-961 Second Avenue


JLL has been retained on an exclusive basis to arrange for the sale of 959-961 Second Avenue. The mixed-use properties have a combined total of 10 Residential and 2 commercial Units and is located on the southwest corner of 51st Street and Second Avenue.

Investment Highlights

246 East 46th Street


246 East 46th Street features 81 units, 40 Free Market (49%) and 41 Rent Stabilized (51%). The unit mix consists of 56 studios, 5 one-bedrooms, 19 two-bedrooms and 1 duplex. There is an opportunity for building-wide upgrades through the modernization of the hallways, common areas, and lobby. Additional value add potential lies in the free market (41), vacant (24), and rent stabilized (40) units to drive rent. Lastly, a there is a longer-term value opportunity given 77,754 square feet of excess development rights available to the property.


959-961 Second Avenue


The mixed-use properties at 959-961 Second Avenue have a combined total of 10 Residential and 2 commercial Units and is located on the southwest corner of 51st Street and Second Avenue. 959-961 Second Avenue is in the heart of Midtown Manhattan. The ideal location provides tenants the convenience of walking to work while offering access to any transportation needs with Grand Central Station, the 51st Street Subway and 53rd Street Lexington Avenue Bus Station just a short walk away. The subject property also offers investors the opportunity for a future development as the site has 32,336 square feet of development potential. The current use and future potential of 959-961 Second Avenue creates an incredible investment opportunity in the center of New York City.

Last Updated Date: 30 Sep 2021
Bob Knakal
Bob Knakal
Chairman, NY Investment Sales, New York Office Co-Head
License details
NY-10311207925
Clint Olsen
Clint Olsen
Managing Director, Capital Markets
License details
NY-10301212298

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Last Updated Date: 30 Sep 2021

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