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    209 W 38th Street New York Manhattan, NY 10018

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    Claim this Listing
    New
    For Lease
    $5,700 /Mo

    COMMERCIAL - New York (Manhattan), NY

    Property size:
    1,800 SF
    Added:
    Apr 13, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 14 at 1:06 pm

    Property Features for 209 W 38th Street New York

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    M1-6
    Standard status
    Active
    APN
    0788-0037
    Size
    1,800 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    704884

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating)
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    1910
    Building materials
    Brick

    We can help!

    Listing Contact
    Hairong Wu

    Listing agent Hairong Wu License #10401389533

    Listing office Skylux Realty Inc 55 Northern Blvd Suite 302, FLUSHING, NY

    Listing date Apr 13, 2026

    MLS# 984312

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Midtown Manhattan Warehouse For Lease

    This warehouse space is available for lease in the prime Midtown Manhattan Garment District. The property offers approximately 1,800 square feet of space at a rate of $5,700 per month, with heat included. The flexible, open layout is suitable for various uses, including office space, e-commerce warehousing, a showroom, or a studio. The property is situated in a highly active commercial area characterized by strong foot traffic. Convenient street-level access facilitates loading and unloading. The location provides close proximity to Times Square, major transportation hubs, and surrounding amenities, offering excellent value in a prime location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mr. Broadway Restaurant Parke & Ronen Clothing & Fashion Store MICHELE EMANUELE Clothing & Fashion Store Deesigns New York Factory Fashion Business Corporation Publishing House

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

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    • Stasher - Luggage Storage Madison Square Park — 101 W 25th St, New York, NY 10001
    • Bounce Luggage Storage - Near Chelsea — 108 9th Ave, New York, NY 10011
    • Bounce Luggage Storage - Near West Village — 17 Greenwich Ave, New York, NY 10014

    Location Insight

    • Map
    • Local Demand
    City
    Manhattan
    County
    New York
    State
    New York
    Longitude
    -73.9893508
    Latitude
    40.7538581

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    FAQs

    What type of property is this?
    Warehouse - Prime Midtown Manhattan warehouse space suitable for various commercial uses.
    Where is this warehouse located?
    The property is located at 209 W 38th Street New York Manhattan, NY.
    What is the lease rate?
    The lease rate is $5,700 /Mo.
    What are key features of this property?
    This property features: Prime Midtown Manhattan Garment District location; Flexible open layout suitable for multiple uses (office, e‑commerce, showroom, studio); Convenient street‑level access for loading/unloading
    (917) 251-5419
    We can help!
    Listing Contact
    Hairong Wu
    Real Estate License ID: 10401389533
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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