Retail

515 West 51st Street, New York, NY 10019 — Hell’s Kitchen Retail

Asking Rent: $30,000/month
Size: 2,322 SF
Property Type: Retail
Neighborhood: Hell’s Kitchen / Midtown West

Property Overview

Positioned in the heart of Hell’s Kitchen, surrounded by:

✔ Dense residential towers
✔ Strong restaurant corridor
✔ Broadway & Theater District proximity
✔ Columbus Circle access
✔ High foot traffic from 8th–10th Ave corridors

This area supports experiential retail, food & beverage, boutique fitness, and service-oriented tenants.

Tenant Revenue Model

To support $30,000/month rent:

• At 10% occupancy cost → $300,000/month revenue
• At 8% occupancy cost → $375,000/month revenue

This makes sense for:

✔ Full-service restaurant (if vented)
✔ Boutique fitness studio
✔ Medical / wellness concept
✔ Specialty grocery / prepared foods
✔ Upscale bar / lounge

Hell’s Kitchen performs extremely well for food & beverage due to nightlife + residential density.

Market Position — Hell’s Kitchen

This neighborhood has:

• Strong young professional demographic
• Constant dining demand
• Limited large retail footprints
• Continued residential development

Unlike Midtown East corporate corridors, this is lifestyle-driven retail with strong evening traffic.

Strategic Assessment

If comparing to other Manhattan retail zones:

• Midtown East → Corporate / daytime driven
• Chelsea → Destination / gallery / luxury
• Hell’s Kitchen → Residential + nightlife driven
• Harlem → Growth / value opportunity

At ~$155/SF, this is reasonable pricing for scale retail in Midtown West.