Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Modern Office Space in PENN Title is generated by Realmo AI

    1 Penn Plaza, New York, NY

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Transformed office building with extensive amenities in THE PENN DISTRICT.

    Type:RETAIL
    Property size:
    2,984 SF
    Lot size:
    2.95 Acres
    Added:
    Sep 15, 2025
    Days on Market:
    250
    Last Refresh:
    Apr 5 at 8:56 pm

    Property Features for 1 Penn Plaza

    General Information

    Standard status
    Active
    Size
    2,984 SF
    Lot size
    2.95 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 1 Penn Plaza Contact us

    We can help!

    Listing Contact
    Edward Hogan
    Edward Hogan

    Listing agent Edward Hogan

    Listing office Vornado Realty Trust - Corporate

    Listing date Sep 15, 2025

    Source Moodyscre

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

    All listing content including descriptions, pricing, images are the copyrighted material of Vornado Realty Trust - Corporate

    HighLights

    • Extensive amenity ecosystem (WorkLife) focused on work and self‑care.
    • Enjoy on‑site dining options including grab‑and‑go and a full‑service restaurant (Blue Ribbon Sushi & Steak).
    • 53,000 SF Life Time fitness and wellness center.
    • 20,000 SF conferencing facility (WorkLife Meetings).
    • Adaptable workspace with over 80,000 SF of office suites (WorkLife Office Suites).
    • Modernized exterior with full facade painting and distinctive color change lighting.

    Overview

    Vornado's transformation of PENN 1 has redefined the office experience in THE PENN DISTRICT. The property offers 2,984 square feet of office space. The first three levels deliver WorkLife, an amenity ecosystem for tenants. The lobby includes grab-and-go food options such as Office Hours and Blue Bottle, as well as Blue Ribbon Sushi & Steak, a dining experience combining Japanese cuisine with a modern steakhouse. A social stair connects the main entrance to amenities on levels two and three, featuring bleacher seats and large LED panels suitable for meetings or events. Level two features The Landing, a full-service restaurant with private dining rooms, tenant lounges, Life Time, a 53,000 SF fitness and wellness center, WorkLife Meetings, a 20,000 SF conferencing facility, and WorkLife Office Suites, offering over 80,000 SF of adaptable workspace. Exterior upgrades include full facade painting, changing the mullions from silver to black, and distinctive color change lighting in the building crown.
    Location Intelligence

    Current Use by Public Records

    Dennis/Dennis - Morgan Stanley Financial Advisor Water Street Wealth ... Financial Advisor Jamba Specialty Food Shop

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Auto Repair Shop Kitchen & Bath Showroom

    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
    -73.9916
    Latitude
    40.7509

    Nearby Similar for Lease

    • $4,995/Mo
      1,725 SF

      Full-Floor Commercial Space in Midtown

      Prime Midtown South location with flexible layout and excellent visibility.
      127 East 31st Street, New York, NY 10016
      View Details
    • $3,650/Mo
      6,000 SF

      Downtown Manhattan Office Space

      Boutique office space in the Financial District.
      22 Beaver St, New York, NY 10004
      View Details
    • $2,600/Mo
      512 SF

      Harlem Brownstone One-Bedroom Residence

      Bright one-bedroom in Harlem near transportation and amenities. Available 2026.
      1978 Madison Avenue, New York, NY 10035
      View Details
    • $12,000/Mo
      2,200 SF

      Harlem Restaurant Space with Basement

      Vacant restaurant space in Harlem's vibrant 125th Street corridor.
      124st 124st, New York, NY 10027
      View Details
    • $11,995/Mo

      Manhattan Home in Murray Hill

      Comfortable Manhattan home in vibrant Murray Hill neighborhood.
      133 East 35th Street, New York, NY 10016
      View Details
    • $2,300/Mo
      678 SF

      Chinatown Office Space For Rent

      Well-maintained 678 SF office space in the heart of Chinatown.
      128 Mott Street, New York, NY 10013
      View Details
    • $8,995/Mo

      Murray Hill Duplex: Spacious 3-Bed

      Stunning 3-bedroom, 2-bath duplex in prime Murray Hill location.
      114 East 37th Street, New York, NY 10016
      View Details
    • $129-$7,046/Mo
      11-1,292 SF

      NY, Brooklyn - Manhattan Ave

      750 Manhattan Ave, New York, NY 11222
      View Details
    • Sponsored
      Contact for pricing

      NY, Brooklyn - Ainslie Street

      260 Ainslie St, New York, NY 11211
      View Details
    • $129-$10,666/Mo
      11-1,292 SF

      445 Park Avenue

      445 Park Avenue, Unit 9TH, New York, NY 10022
      View Details
    • $8,000/Mo
      1,350 SF

      Retail Space on Grand Street

      Retail space for lease with basement access in New York.
      349 Grand St, New York, NY 10002
      View Details
    • $5,700/Mo
      1,800 SF

      Manhattan Warehouse in Garment District

      1,800 SF warehouse in Midtown Manhattan for $5,700/month.
      209 W 38th St, New York, NY 10018
      View Details

    FAQs

    What type of property is this?
    Office units - Transformed office building with extensive amenities in THE PENN DISTRICT.
    Where is this office units located?
    The property is located at 1 Penn Plaza New York, NY.
    What are key features of this property?
    This property features: Extensive amenity ecosystem (WorkLife) focused on work and self‑care.; Enjoy on‑site dining options including grab‑and‑go and a full‑service restaurant (Blue Ribbon Sushi & Steak).; 53,000 SF Life Time fitness and wellness center.
    (212) 894-7000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Edward Hogan
    Edward Hogan
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    1 Penn Plaza, New York, NY
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!