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.
Getting Around
Walker's Paradise
Rider's Paradise
Biker's ParadiseSchools
Construction
Condition
- Year built: 1920
Type & Style
- Home type: SingleFamily
- Property subType: Rental Unit
Interior
Appliances
- Appliances included: Dishwasher
- Laundry features: Inside
Bedrooms & Bathrooms
- Bedrooms: 18
- Bathrooms: 10
- Full bathrooms: 10
Features
- Flooring: Hardwood
Interior Area
- Total structure area: 8,165
- Total interior livable area: 8,165 sqft
Property
Details
- Special condition: Resale
Features
- Has view: Yes
- View description: City,Skyline
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Heat Wave
- Inland Flooding
- Cold Wave
- Hurricane
- Strong Wind
- Winter Weather
- Tsunami
How This Home’s Risks Compare
FEMA Declared Disasters in New York County and New York
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $20,200 | $242,400 |
| Home Insurance * | $662 | $7,944 |
| Property Taxes | $2,363 | $28,356 |
| Electricity | $1,349 | $16,192 |
| Total | $24,574 | $294,888 |
Income You'd Need if You Spent...
New York FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-06-23 | Listed for sale | $3,995,000 |
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