351 W 47th St, New York, NY, 10036

About This Home

351 West 47th Street in Midtown West, Manhattan. A rare, turnkey value-add opportunity with all major capital improvements already complete. Strong in-place NOI delivers an immediate return on investment, with one vacant unit poised to increase income by 30% upon lease-up. The coveted Tax Class 2B designation further positions this asset for meaningful long-term appreciation as Manhattan's rental market continues its upward trajectory. Extensive mechanical upgrades have been completed across two years, significantly reducing near-term capital expenditure requirements: 2026 Improvements * Complete basement renovation * Onsite laundry facilities * 30-amp electrical breaker upgrade * Superintendent's office * New hallway flooring and freshly painted common areas Prior Improvements * New boiler and intercom system (2024) * Full heating system conversion to natural gas with new gas line (2024) * Electrical service upgrade (2024) * New gas meter bank (2023) * Roof replacement (2022) * Cornice and façade restoration (2023) * Verizon Fios fiber installation (2023) * Upgraded hallway and emergency lighting (2023) * Two new water heaters (2023, 2021) * New service doors throughout — main entrance, vestibule, roof access, and both basement points Situated in the heart of Midtown West, 351 West 47th offers immediate access to multiple subway lines and major employment centers. Tenants enjoy proximity to Ninth Avenue's dining corridor, Broadway theaters, and Hudson River Park — a combination that consistently attracts well-qualified renters. Classic New York architecture meets modernized interiors, creating an appealing product with strong long-term tenant retention. The vacant unit also presents an owner-occupancy option, with the remaining units generating income sufficient to support carrying costs. This is a clean, well-capitalized asset in a supply-constrained submarket — condition, location, and upside in a single offering.