26 W 56th Street, New York, NY 10019

Midtown West, New York, New York 10019

$19,750,000   $17,000,000   Bid Deadline: Friday, April 28th

Listing ID Number

24727

Property Description


Boutique Office, Retail or Showroom Opportunity.

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 26 West 56th Street, a one-of-a-kind commercial building set along the south side of 56th Street between Fifth and Sixth Avenues. The 11,421 gross square foot landmarked property is located within a group of five residences known as “Bankers Row” which was home to some of New York’s most prominent financiers in the late Nineteenth Century.

Originally built as the residence of E. Hayward and Amelia Parsons Ferry in 1871, the façade was significantly altered in 1907 by architect Harry Allan Jacobs, who extended the house at the front and rear and created the current limestone façade and copper mansard roof, for banker Isaac Seligman. This impressive structure, designed in the French-Classic variant of the Beaux-Arts vernacular, features a large central entry vestibule with an elegantly carved lion’s head and garlands surmounting a pair of original iron and glass doors. The building is currently occupied by Spanish Broadcasting System, which purchased the property in 1988 and will vacate the premises subsequent to the sale.

Due to the impending vacancy, the property presents an exceptionally unique opportunity for an investor and/or user. The high windows on the first and second floors facing West 56th Street allow for significant light & air throughout the entire property. Although the property is an exterior landmark and retains some of its original interior fixtures, a plethora of flexible renovation options can be utilized in reimagining the building’s interior layout. Furthermore, based on the zoning, an investor and/or user has the ability to execute a wide variety of potential visions, including a mixed-use retail & residential project, a corporate headquarters or a truly historic single family residence.

Midtown has long been known to be one of the most populated and visited neighborhoods in the world, due to its reputation as a prime office, retail, hospitality and residential destination. The Fifth Avenue retail corridor, the most exclusive and premier high-end shopping district in the world, attracts millions of visitors each year and is located just a few steps to the east. Three blocks north of 26 West 56th Street is New York’s beloved Central Park, providing Manhattanites and tourists alike with 843 acres of natural and recreational space. Additionally, the area immediately surrounding 26 West 56th Street contains some of the best transportation options in New York City, with the B, D, E, F, M, N, Q, R, 4, 5, and 6 trains, as well as ample bus routes, located a few short blocks away. 26 West 56th Street represents a unique opportunity for a user or investor to acquire an ideally located historic commercial building in the heart of Midtown Manhattan.

Overview

Building Type:Special Use
Location:South Side of 56th Street Between 5th and 6th Avenues
Block/Lot:1271/54
Lot Dimensions:20 x 100.42
Zoning:C5-P

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

George D'Ambrosio
Director
(212) 660 7790
george.dambrosio@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.