Highlights

Ariel Property Advisors is exclusively offering 118-120 West 27th Street, a 12-story mixed-use building located between Sixth and Seventh Avenues, within the proposed Midtown South Mixed-Use (MSMX) rezoning area. The property is poised to benefit from upcoming zoning changes and offers excellent transit access. The building has undergone major renovations to convert the upper 11 floors to residential use, with 81% of the legalization process completed at a cost of $8.6M. Upgrades include new mechanicals, 1,200 AMP electric service, modern elevators, and life safety systems. Currently, 5 luxury apartments (7,281 SF) are leased at approx. $75/SF, with additional vacant units and 9,384 SF of white-boxed and gutted space ready for conversion. Retail and IMD units add value and flexibility, with one IMD tenant having sold their rights, opening up free market potential. The new 467-m tax incentive, combined with MSMX zoning reforms, allows for full residential conversion of remaining commercial space. A pending tax appeal could offer further savings. This is a rare opportunity to complete a nearly finished conversion project in a rapidly transforming Midtown South location.

Description

Ariel Property Advisors is exclusively marketing the sale of 118-120 West 27th Street. Positioned between Sixth and Seventh Avenues, the property sits within the boundaries of the proposed Midtown South Mixed-Use (MSMX) rezoning area—offering unmatched access to world-class transportation and the potential to become one of NYC’s most desirable locations. This 12-story, 37.5-foot-wide mixed-use building has undergone significant renovations, with the top 11 floors in the process of being converted for residential use. The residential Certificate of Occupancy (CofO) process began in 2010, and approximately 81% of the legalization work has been completed at an investment of $8.6 million. This offering presents a unique opportunity to finalize the residential conversion under the anticipated MSMX rezoning.

Property Documents

File Icon

118-120_West_27th_Street_Brochure.pdf

2.93 MB
Download
File Icon

Listing Details

  • Space Type

    Mixed Use

  • Sub Category

    Retail / Multifamily

  • Date Listed

    10/3/2025

  • Net Operating Income

    $704,017

Property Specifics

  • Property Name

    118 - 120 West 27th Street

  • No of Stories

    12

  • No of Units

    17

  • Building Size

    43,393 SF

  • Lot Size

    3,703 SF

  • Zoning

    M1-6