54 West 39th Street

The Story

54 West 39th Street is a 47,000-square-foot, multi-tenant office building located between Fifth and Sixth Avenues in Midtown Manhattan, within the newly rezoned Midtown South Mixed-Use District. The Property is offered fee simple, free and clear of any ground lease, and is currently 84% occupied across 19 units. The tenant base is anchored by a concentration of health, wellness, and fitness operators, including Training Lab NYC, R2 Fitness, RMN Fitness, and Brooklyn Breathes, which collectively occupy approximately 16,000 rentable square feet, establishing the building as a recognized wellness-oriented destination in Midtown. The Property generates $2,037,700 in in-place annual rent with a Year 1 NOI of $1,614,146. The majority of leases are at rents in the low-to-mid $40s per square foot, representing a meaningful discount to current market levels and creating a clear near-term mark-to-market opportunity. The Property also benefits from a recorded air and light easement with the adjacent property at 56 West 39th Street, ensuring permanent northern light and protected views. Coupled with the August 2025 approval of the Midtown South Mixed-Use Rezoning, which permits residential development up to 18 FAR on this block, the Property offers a combination of stable income, embedded upside, and long-term optionality in one of Manhattan's most active investment corridors.