44 West 46th Street
Five-story mixed-use commercial building at 44 West 46th Street in Midtown Manhattan, offered on a ground-lease fee basis with approximately 42 years remaining. The 8,655 SF building is currently 100% occupied by AAA Architectural Hardware & Locksmiths under a net lease through August 2068, generating stable cash flow with scheduled rent increases from $65,000 (2025) to $110,000 (2065–2067). Priced upon request.
Built in 1985, the property sits on a 2,008 SF lot (20' × 100.42') in the heart of Midtown between Fifth and Sixth Avenues, steps from Bryant Park and the Diamond District. The ground lease is structured as an absolute NNN, with the lessee responsible for all real estate taxes and operating expenses. Air rights have been sold to an adjacent parcel, limiting future development potential; the property is best characterized as a user-property opportunity for a business seeking its own occupancy and operational use.
The location offers exceptional transit access: 5-minute walk to 42nd Street–Bryant Park station (B, D, F, M), 9-minute walk to Times Square–42nd Street (1, 2, 3, 7, A, C, E, N, Q, R, S, W), and 7-minute walk to Grand Central Terminal (4, 5, 6, 7, S, Metro-North, LIRR). The property sits at the convergence of three major commercial nodes—the Theater District and Restaurant Row to the west, Rockefeller Center one block north, and the Diamond District on 47th Street—serving a high-volume audience of office workers, theatergoers, jewelry professionals, and tourists. C6-4.5 (R10), MID zoning permits residential, commercial, community facility, and Universal Affordability Preference uses.
- Absolute NNN ground lease with lessee responsible for all taxes and operating expenses
- Stable, recurring cash flow with scheduled rent increases through 2068
- Exceptional Midtown location near Bryant Park, Diamond District, and Rockefeller Center
- Unmatched transit connectivity within walking distance of three major subway hubs
- Flexible zoning allows residential, commercial, and mixed-use development options
- Future upside as fee interest becomes unencumbered at lease expiration
More property details
Features & amenities
Location
Located on the south side of West 46th Street between Fifth Avenue and Sixth Avenue in the Midtown–Bryant Park neighborhood of Manhattan. The property sits at the convergence of three major Midtown commercial nodes: the Theater District and Restaurant Row to the west, Rockefeller Center one block north, and the Diamond District on 47th Street.
- 5-minute walk to 42nd Street–Bryant Park station (B, D, F, M); 9-minute walk to Times Square–42nd Street (1, 2, 3, 7, A, C, E, N, Q, R, S, W); 7-minute walk to Grand Central Terminal (4, 5, 6, 7, S, Metro-North, LIRR). Near Bryant Park, Diamond District, Theater District, Rockefeller Center.
Additional details
Five-story commercial building built in 1985, operated under a net lease since 1969. Currently ground leased to Hymsal Properties Corp. The building features approximately 20 feet of frontage. Air rights have been sold to an adjacent parcel, impacting future development potential. Characterized as a user-property opportunity.
C6-4.5 (R10), MID zoning allows residential, commercial, community facility, and Universal Affordability Preference uses
Midtown Manhattan central business district; convergence of Theater District, Restaurant Row, Rockefeller Center, and Diamond District; high-volume retail environment with office workers, theatergoers, jewelry professionals, and tourists
All materials provided without representation or warranty as to completeness, veracity, or accuracy. Parties urged to conduct independent investigation and due diligence. BKREA makes no warranties regarding financial data or assumptions.
Step-up schedule from $65,000 (2025) to $110,000 (2065-2067), decreasing to $64,167 in 2068