The Tri-State Investment Sales Group for Avison Young is pleased to present a triplex penthouse office condominium at 20 West 33rd Street in the Midtown South neighborhood of Manhattan. The team is currently accepting bids on the opportunity.
James Nelson, Principal, Head of Tri-State Investment Sales along with Associates David Lawrence and Carter Lovejoy are marketing this first-class office space consisting of nearly 34,000 square feet across floors 11 and 12, in addition to a 6,000-square-foot top floor office penthouse and a 5,180-square-foot two-floor outdoor roof deck.
The offering presents investors with a unique opportunity to purchase the most exclusive section of the 13-floor property and significantly increase returns by building out the roof deck space and releasing the spaces at market rents.
“This is an extremely rare opportunity for an investor to nearly double rents based on comparable leases and availabilities in this desirable section of Midtown,” Nelson said. “The Midtown South submarket has experienced an incredible transformation in recent years due to the shift of New York City’s economy to a more technology and media-oriented base.”
The 11th and 12th floors consist of roughly 14,000 square feet and 20,000 square feet of office space, respectively, with three sides of natural light, while the 6,000-square-foot penthouse unit offers four sides of natural light. The existing office installation is built to the highest showroom standards with wood-panel walls, floor-to-ceiling windows and a spiral staircase connecting the 12th floor to the penthouse.
The outdoor roof deck spans two floors of 3,000 square feet and 2,180 square feet. The space is currently unutilized, giving new ownership the option to create an incredible tenant amenity with unmatched views of the Empire State Building, Midtown South and Downtown Manhattan.
The property, located on 33rd Street between Fifth Avenue and Broadway, is steps from Penn Station, Herald Square, the Port Authority, Grand Central Terminal, the PATH and 16 subway lines. The Empire State Building, Madison Square Garden, Bryant Park and Times Square ensure that hundreds of thousands of people contribute to commerce in the neighborhood.
Additional neighborhood destinations include The Ace Hotel, The Nomad Hotel and The Roger New York; restaurants such as Marta, Ilili and The Cutting Room; and institutions such as The New York Public Library, The Morgan Library and Museum, and The Fashion Institute of Technology.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
