Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    685 3Rd Ave New York, NY 10017

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Renovated office tower near Grand Central Terminal.

    Property size:
    185,753 SF
    Lot size:
    185,753 SF

    Property Features for 685 3Rd Ave

    General Information

    Standard status
    Active
    Size
    185,753 SF

    We can help!

    Listing Contact
    Paul J. Amrich
    Source: Cbre

    Listing Agency: CBRE | Midtown Manhattan Listing Agent: Paul J. Amrich

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Class A Office Tower

    685 Third Avenue is a Class A office tower recognized for its prime location and tenant services. The building has undergone a complete renovation to meet the needs of today's corporate tenants. These upgrades include a new facade, lobby, and elevators, as well as new building systems such as the HVAC and electrical systems. It is also equipped with advanced communications for fiber optic and cable connections. The property is situated one block east of Grand Central Terminal, in a heavily trafficked office and retail area with convenient access to subway, bus, and MetroNorth transportation lines. The building has a Property Size of 185753 square feet. It is a short walk to Grand Central and the UN.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Faruqi & Faruqi, LLP Law Firm Outten & Golden LLP Law Firm Hot Pepper Agency Marketing & Advertising Wayne N Outten Law Firm Wood Smith Henning ... Law Firm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9733989
    Latitude
    40.7518983

    Nearby Similar for Lease

    • $700 /Mo

      Upper West Side Office Space

      First-floor office space near Central Park on Upper West Side.
      23 W 73Rd St, Manhattan, NY 10023
      View Details
    • $4,500 /Mo

      Renovated Commercial Space in Flushing

      Turnkey commercial space in a desirable Flushing location.
      148-09 Northern Boulevard, Flushing, NY 11354
      View Details
    • New
      $3,700 /Mo

      Renovated Studio Near Union Square

      Sun-filled, renovated studio with in-unit washer/dryer near Union Square.
      389 2Nd Ave, New York, NY 10010
      View Details
    • $6,050 /Mo

      Modern Commercial Space in Flushing

      Ground floor commercial space ideal for medical or professional use.
      153-53 77Th Ave, Flushing, NY 11367
      View Details
    • $2,400 /Mo
      3,393 SF

      Flushing Medical Office For Rent

      Medical office space available in downtown Flushing.
      142-26 37Th Ave, Flushing, NY 11354
      View Details
    • $5,000 /Mo

      Renovated Commercial Condo in Flushing

      3,327 SF commercial condo ideal for various uses.
      32-16 137Th St, Flushing, NY 11354
      View Details
    • $3,600 /Mo

      Jamaica Commercial Space For Rent

      Commercial space available for rent in a bustling area.
      137-42 Guy R Brewer Blvd, Jamaica, NY 11434
      View Details
    • $3,995 /Mo

      Office Space in New York

      Office space for rent in New York, Manhattan.
      23 New York Plz, Manhattan, NY 10023
      View Details
    • $8,500 /Mo

      Flushing Commercial Space for Rent

      Commercial space suitable for school or adult day care center.
      199-03 199Th St, Flushing, NY 11354
      View Details
    • $3,000 /Mo
      601 SF

      Commercial Space in Jamaica, NY

      Adaptable commercial space at 139-27 Queens Boulevard, Jamaica, NY.
      13927 Queens Blvd, Jamaica, NY 11435
      View Details
    • $3,000 /Mo
      601 SF

      Commercial Space in Jamaica, NY

      Commercial space with flexible layout in Jamaica, Queens.
      13927 Queens Blvd, Jamaica, NY 11435
      View Details
    • $10,000 /Mo
      10,228 SF

      Turnkey Medical Office on Broadway

      Fully built-out medical office space in prime location for lease.
      5037 New York Plz, Manhattan, NY 10034
      View Details

    FAQs

    What type of property is this?
    Office building - Renovated office tower near Grand Central Terminal.
    Where is this office building located?
    The property is located at 685 3Rd Ave New York, NY.
    What are key features of this property?
    This property features: - Preeminent location just one block east of Grand Central Terminal.; - Class A office tower featuring complete renovation.; - **Enjoy a new facade, lobby, elevators, and building systems (HVAC, electrical).**
    (212) 984-8122
    Request Owner's contact information
    685 3Rd Ave New York, NY 10017
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    685 3Rd Ave
    New York, NY 10017
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    685 3Rd Ave New York, NY 10017
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Paul J. Amrich
    (212) 984-8122 (212) 984-8000
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!