Welcome to 816 Avenue of the Americas An income-producing mixed-use corner building in one of Manhattan's most sought-after neighborhoods: NoMad (North of Madison Square Park). Sitting at the corner of 6th Avenue and West 28th Street, this four-story building delivers $33,400/month in current in-place income: a full-floor restaurant anchor… Read More on the 1st and 2nd floors, and a passive AT&T rooftop antenna lease at $5,400/month. The 3rd and 4th floors are currently vacant - a key opportunity for the next owner to act immediately. INCOME HIGHLIGHTS: 1st & 2nd Floor Restaurant: $28,000/month $336,000/year 3rd Floor: VACANT (formerly $5,000/mo) - ready for conversion 4th Floor: VACANT (formerly $5,000/mo) - ready for conversion AT&T Rooftop License: $5,400/month $64,800/year Current Total: $33,400/month $400,800/year VALUE-ADD OPPORTUNITY: The 3rd and 4th floors are prime candidates for conversion to market-rate 2-bedroom residential apartments. Proposed architectural layouts are available showing 2BR configurations with private baths, kitchens, and living areas. Estimated market rent: $5,500-$6,000/month per unit - lifting projected gross income to $533,000-$545,000/year. DEVELOPMENT UPSIDE: Zoned C6-4X with a max FAR of 10.0, the building currently utilizes only 4.75 FAR (4,690 SF). This leaves 5,190 SF of unused air rights available for vertical expansion, transfer to an adjacent lot, or future development - a rare and valuable asset in this location. Transportation: N/R/W subway at 28th Street and the B/D/F/M at 34th Street-Herald Square. Surrounded by luxury hotels, tech companies, world-class dining, and the Flower District. NoMad continues to command premium rents and sustained investor demand. Asking Price: $8,580,000 Cap Rate: 4.8 Shown by appointment only. Financials available upon request. Read Less
Listing Courtesy of: De Rong Chester Yow, Serhant
Listing Snapshot
Days Online
29
Last Updated
Property Type
Apartment
Beds
5
Full Baths
3
Year Built
1915
MLS Number
RLS20077300
30 Days Snapshot Of 10001
$2.64M
+12%
(avg) sold price
14
+100%
homes sold
Snapshot
Area Map
Additional Details
Building
Entry Level: 4, Living Area Units: SquareFeet, Rooms Total: 12
Exterior Features
Patio And Porch Features: None
Property
Property Sub Type: Apartment, View YN: t, View: City
Taxes
Tax Block: 00830, Tax Lot: 0001
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