123 Washington St, New York, NY for sale

Investment Overview

Newmark has been retained on an exclusive basis to arrange for the sale of a premier bulk condominium package at 123 Washington Street, New York, NY (the "Property" or the "Offering"). The Offering comprises 16 residential condominium units totaling 9,614 square feet, spanning two full floors within a 57-story mixed-use tower in the heart of Manhattan's Financial District. The portfolio occupies the 28th and 29th floors of the building and benefits from exceptional unobstructed views of Lower Manhattan and the Hudson River waterfront. The units are currently 100% leased under a master lease to Blueground, a leading proptech operator specializing in fully furnished, flexible-stay residential accommodations. With the master lease scheduled to expire in December 2026, investors are presented with a stabilized, income-producing residential portfolio alongside significant future optionality. Blueground's operating model addresses a growing segment of the New York City housing market by offering professionally managed, turnkey residences for medium- and long-term stays. Each unit is delivered fully furnished and serviced, allowing ownership to generate in-place income while evaluating future strategies. Upon lease expiration, investors may elect to extend the existing arrangement, re-lease the units individually at market rents, implement an alternative operating model, or capitalize on potential condominium sellout opportunities. The residential condominiums are professionally managed by AKAM Property Management, independent of the hotel component, which now operates as The Washington Hotel NYC (formerly the W New York – Downtown) under lease and management arrangements with LuxUrban Hotels. Developed by The Moinian Group and completed in 2010, the tower was designed by Gwathmey Siegel & Associates with interiors by David Rockwell, combining a 217-key hotel with 223 luxury condominium residences. Residents enjoy an extensive amenity package — 24-hour concierge, fitness center, rooftop terrace, screening room, and spa — along with premium finishes that reinforce the asset's position among Lower Manhattan's most desirable residential offerings.