Investment Sale – 51 Market Street, New York, NY 10002
Asking Price: $4,799,000
Price per Unit: ≈$959,800
Sale Type: Investment
Property Type: 3-Star Mid-Rise Apartments
Location: Lower East Side / Chinatown CBD (10002)
Property Overview
51 Market Street presents a 5-unit, 5-story multifamily building in Manhattan’s Lower East Side / Chinatown submarket. Built as a mid-rise Class C property, the building totals 7,675 SF with typical floorplates of 1,535 SF.
With market-rate rental status, compact unit count, and strong neighborhood demand, this property represents a boutique investment opportunity in a location with long-term upside.
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Key Features
- Total Units: 5
- Asking Price: $4,799,000
- Price per Unit: ≈$959,800
- Gross Building Area (GBA): 7,675 SF
- Typical Floor Size: ≈1,535 SF
- Stories: 5
- Class: C / 3-Star Mid-Rise Apartments
- Units per Acre: ≈83/AC
- # of Buildings: 1
- Year Built: Not specified (historic Lower East Side mid-rise construction)
Market Profile
- Location Advantage: Core Lower East Side / Chinatown corridor with proximity to East Broadway, Canal Street, and Rutgers Street.
- Transit Access: Nearby East Broadway (F), Grand Street (B/D), and Canal Street (N/Q/R/W, 6, J/Z).
- Neighborhood Demand: Strong demand for rental housing in the LES/Chinatown area, supported by limited multifamily supply and consistent occupancy rates.
- Competitive Advantage: Rare 5-unit, full-building investment with boutique scale and market-rate tenancy in a gentrifying downtown corridor.
Financial Overview
- Asking Price: $4,799,000
- Price per Unit: ≈$959,800
- Rent Type: Market
- Potential Upside: Through targeted renovations, repositioning, or optimization of in-place rents
Summary
The 5-unit, 7,675 SF multifamily building at 51 Market Street, New York, NY 10002 is offered for $4,799,000 (~$959,800 per unit). With its Lower East Side CBD location, boutique scale, and market-rate tenancy, this property provides investors a rare opportunity to acquire a stabilized, income-producing asset in one of Manhattan’s most dynamic neighborhoods.
