338 W 46th St, New York, NY for sale

Investment Overview

Newmark has been retained on an exclusive basis to arrange for the sale of 338 West 46th Street, New York, NY ("The Property"). The 4,133 square foot mixed-use walk-up is well positioned on West 46th Street between 8th and 9th Avenues on the iconic Restaurant Row, in the Hell's Kitchen neighborhood of Manhattan. 338 West 46th Street is a fully occupied mixed-use asset comprised of six residential apartments above approximately 1,200 square feet of ground-floor retail space. The commercial component is leased to La Pulperia, a well-established Latin Mediterranean restaurant that has served the neighborhood since 2014 and relocated to its current location at 338 West 46th Street in August 2025. The residential portion, spanning the second through fourth floors, consists of six rent-stabilized apartments with more than $20,000 in annual preferential rent upside upon unit turnover. The property also benefits from a favorable Class 2A tax designation, helping mitigate future tax exposure for ownership. Zoned R8/C1-5, the asset permits up to 8,434 buildable square feet and offers approximately 4,301 square feet of remaining as-of-right air rights. Combined with its stable in-place cash flow, tax advantages, and meaningful development potential, 338 West 46th Street presents investors with a compelling opportunity to unlock long-term value in the heart of Midtown Manhattan.