|Number of units||20|
JLL has been retained on an exclusive basis to arrange for the sale of 410 West 36th Street, a 25’ wide, 6-story, mixed-use walk-up building located on the south side of West 36th Street between Ninth and Dyer Avenues. Configured as 20 one-bedroom apartments and 3 commercial units, the property is comprised of approx. 11,093 gross square feet. Currently laid out as 4 apartments each on floors 2-6, 12 of the apartments are Free Market (60%), 6 are Rent Stabilized and 2 are Rent Controlled.
With access to 15 different train lines within an 11-minute walk, 410 West 36th Street provides unrivaled connectivity throughout Manhattan, Brooklyn, Queens and the Bronx. The 34th-Street - Penn Station subway
station is only a 5-minute walk away and the 34th Street – Hudson Yards subway station is only a 7-minute walk away. The Herald Square station can also be reached within an 11-minute walk. In addition to ideal subway access, the property also provides superior intrastate connectivity by car, bus and train. Tenants benefit from immediate access to the Lincoln Tunnel using the 36th Street entrance and can reach Penn Station and the Port Authority Bus Terminal in respective 5 and 9-minute walk times.
410 West 36th Street is poised to benefit from the post-COVID rebound in rents. Due to its mostly Free Market status and proximity to an array of transportation options, the property has the potential to capitalize on surging rental growth throughout the balance of the pandemic’s recovery. With Hudson Yards two blocks to the west, Manhattan West three blocks to the south and the Penn Station Redevelopment four blocks to the southeast, the property’s location at the convergence of several large, rapidly expanding megadevelopments will bolster long term rental growth and attract a rapidly growing tenant base.
410 West 36th Street also presents future ownership with multiple avenues to tap additional upside. Prospective investors could immediately increase the property’s rental income by implementing a common area enhancement program. In addition, it may also be possible to combine the ground floor rear commercial space with residential unit 1RE on the 2nd floor, resulting in a greater combined monthly rent than each unit could achieve individually. Furthermore, the leases for 1FW and 4FE have preferential rents that are far below their corresponding legal rents. This delta in rental income can be recaptured by future ownership upon unit turnover.
410 West 36th Street will appeal to investors looking for a well-connected, mostly Free Market building with multiple pathways to untapped upside. The property represents an opportunity to own an asset with value-add potential located near several large-scale demand drivers. The property will be sold on as-is, where-is basis.
60% Free Market
Post-COVID Rental Rebound
Potential to Add Value through Common Area Renovations