What is the current rental status and upside for 41 E 41st Street in Murray Hill?

The building is 100% Free-Market. The residential component consists of three floor-through apartments currently generating approximately $234,000 annually, with additional upside as units turn over and rents are adjusted to market rates.

What major capital improvements have been recently completed at the property?

Recent capital improvements include hallway renovations and upgrades to the top-floor apartments. The property also benefits from tenant utility reimbursements.

What development or expansion potential does this Midtown asset offer?

Located within a C5-3 zoning district, the property offers approximately 10,793 square feet of unused air rights, creating significant opportunities for future expansion or redevelopment.

What are the primary operating expenses and tax protections for the building?

Annual operating expenses are estimated at $173,053. The building benefits from Protected Tax Class 2A status, which limits annual assessment increases and helps stabilize long-term tax obligations.

What is the current commercial tenancy for 41 E 41st Street?

The property contains two commercial spaces occupied by Homefront Deli (A Plus Kitchen Inc) and Psychic Spa Land. Both commercial leases extend through 2030, providing long-term income stability.

Midtown Mixed-Use | 100% Free-Market - Alpha Realty NYC Multifamily

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Midtown Mixed-Use | 100% Free-Market

$5,400,000 Sales price

$1,055/SF Price per Ft

6.2% Cap Rate

2A Tax Class

5-story mixed-use building with a total of 3 apartments & 2 commercial spaces
The apartments are large floor-through units
Protected Tax Class 2A
Renovated hallways and top floor apartments
Tenants reimburse the landlord for utilities
10,793’ Ft of available Air Rights
Located in prime Midtown Manhattan, within two blocks of Bryant Park and Grand Central Terminal and close to Berkeley College, with easy access to top dining, shopping, entertainment, and transportation options
Within walking distance to the Grand Central Station