438-440 West 45th Street, New York, NY 10036

C&W has been exclusively retained to offer for sale 438 and 440 West 45th Street in the Midtown West neighborhood of Manhattan in New York, NY. The offering features two adjacent multifamily properties spanning 50’ of frontage along the south side of West 45th Street between 9th and 10th Avenues. The properties are comprised of a combined 30 apartments – 15 per building – consisting of a varied mix of 1-Bedroom and 2-Bedroom units. The two, five-story walk up buildings consist of eight (8) free market and twenty-two (22) rent stabilized apartments, spanning a combined 18,350 square feet.

The offering presents a rare opportunity for a new investor to acquire two multifamily properties in the heart of Manhattan at a price point significantly below replacement cost. With 9 vacant apartments, new ownership has a wide array of potential opportunities. They could either work with HPD to set these units aside as affordable and charge rents as high as 110% of AMI (Area Median Income), or they could warehouse these units in anticipation of future policy changes as the City’s housing crisis continues to expand. The buildings themselves are in excellent condition as ownership recently renovated interior hallways and updated building systems such as electric meters. There is also ample opportunity in the lower level to add value in a variety of different ways. A new owner could convert the lower-level space to storage and rent it out or add amenities such as laundry or fitnes