INVESTMENT~~ Approximately 80,000 SF Building For Sale on Madison Ave
The building is located on Madison Avenue between East 37th Street and East 38th Street the property contains a gross square footage of approximately 80,000 SF. Located on the cusp of NYC’s Midtown East and NoMad the property is just 5 blocks away from Grand Central Station and is walking distance to Midtown’s core business district, many
popular attractions,restaurants, shopping venues, the Empire State Building and the United Nations.
The 17-story building has 108 total units, consisting of 25 hotel or corporate housing units on floors 4-6, 82 apartments on floors 7-17 and a fully built-out
restaurant on the ground, mezzanine and lower level
237 Madison Avenue has a unique and one of a kind spacious penthouse on the top two floors with an outdoor terrace and incredible views of the city. The
properties superb location on Madison Avenue allows for the buildings ground floor retail to have great visibility and exposure. The retail consists of 3,500 SF on the ground 2,500 SF on the lower lever and a 2,000
SF mezzanine. Alternatively, if a new owner wanted to convert the retail space to medical or community facility use, they would also be permitted to convert the hotel floors to residential.
237 Madison Avenue is currently vacant following 2+ years of renovations, capital improvements and repurposing what had been the Morgan’s Hotel since 1984. Renovations are finishing up and leasing will begin shortly. In its current state, the building would be a great opportunity for a user looking for student or corporate
housing or once leased up for an investor looking for a turnkey, long-term hold multifamily purchase in a prime and vibrant part of Manhattan.
Turnkey: Fully built out ground floor, lower level and mezzanine restaurant, followed by three floors of hotel rooms or corporate housing (25 rooms), plus apartments above from the 5th through the 17th floors (82 units).
Capital Improvements: Current ownership has invested over $25M in capital improvements to completely reposition and renovate the asset, working with JG Architects in collaboration with In Situ Design and Lilian B Interiors to develop repositioning plans for the property.
Satisfy End-User Housing Needs :The property is move-in ready for use as a school dormitory, corporate housing, healthcare and medical residency, not-for-profits, diplomatic accommodations, addiction treatment facilities and homeless services.
Condo Conversion Opportunity: Offers investors an opportune exit strategy with the ability to quickly convert the units to high-end micro condos and capitalize on the underserved under $1.0 million market and the popular affordable pied-à-terre market.
Amenity Value Add Opportunity: There is an opportunity to activate the penthouse duplex and outdoor terraces as either a residential 3/4-bedroom apartment or as an event space making the top floors particularly unique and valuable space.