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

    24 W 40th St New York, NY

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

    Vented retail space with high ceilings near Bryant Park.

    Type:RETAIL
    Property size:
    3,600 SF
    Lot size:
    0.12 Acres
    Added:
    Feb 17, 2023
    Days on Market:
    1169
    Last Refresh:
    Apr 5 at 9:05 pm

    Property Features for 24 W 40th St

    General Information

    Standard status
    Active
    Size
    3,600 SF
    Lot size
    0.12 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 24 W 40th St Contact us

    We can help!

    Listing Contact
    Jake Horowitz

    Listing agent Jake Horowitz

    Listing office Colliers | New York City

    Listing date Feb 17, 2023

    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 Colliers | New York City

    Overview

    Retail Space Near Bryant Park

    This retail space benefits from high foot traffic, with 5 million annual visitors to Bryant Park. The location is surrounded by approximately 60,000 office workers and approximately 3,600 hotel rooms. The space is vented and includes a gas line stubbed to the premises. Ceiling heights are approximately 15 feet on the ground floor and +/- 15 feet in the lower level. The property size is 3,600 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    NEW ROW Tech Support Center Castelli Gallery Art Gallery Adam Lessler Physician Howard Gilman Foundation Charitable Organization Sean Johnson Interior ... Interior Design

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    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
    -73.9832
    Latitude
    40.7527

    Nearby Similar for Lease

    • $2,850/Mo

      Bright Third-Floor Office Space

      Sun-filled, move-in ready office space in New York.
      164 West 128th Street, New York, NY 10027
      View Details
    • $12,000/Mo

      Harlem Restaurant Space Available

      Vacant restaurant space in Harlem's vibrant 125th Street corridor.
      124st 124st, New York, NY 10027
      View Details
    • $4,000/Mo

      Upper East Side Two Bedroom

      Spacious 2-bedroom apartment on the Upper East Side.
      1605 York Avenue, New York, NY 10028
      View Details
    • $2,300/Mo

      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
    • $65,000 SF/Yr

      West Village Residence with Outdoor Space

      Furnished 3-bedroom residence with private outdoor space in West Village.
      134 Charles Street, New York, NY 10014
      View Details
    • $6,300/Mo

      West Chelsea Live-Work Space

      Elegant suite in vibrant West Chelsea, ideal for live/work.
      463 West 24th Street, New York, NY 10001
      View Details
    • Contact for pricing

      Retail Space on Grand Street

      Retail space for lease with basement access in New York.
      349 Grand St, New York, NY 10002
      View Details
    • Contact for pricing

      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
    • Contact for pricing

      Chinatown Office Space Available

      Well-maintained 678 SF office space in Chinatown.
      128 Mott St 505, New York, NY 10013
      View Details
    • Contact for pricing

      Chinatown Office Condo For Rent

      807 sq ft office condo in Chinatown for rent.
      210 Canal St 409, New York, NY 10013
      View Details
    • $700/Mo

      Upper West Side Office Space

      First-floor office space in iconic Park Royal Cooperative.
      23 West 73rd St FE, New York, NY 10023
      View Details
    • $37 SF/Yr

      Midtown Manhattan Office Space Available

      177,000 SF office building near major transportation hubs.
      260 West 39th Street, New York, NY, 10018
      View Details

    FAQs

    What type of property is this?
    Retail space - Vented retail space with high ceilings near Bryant Park.
    Where is this retail space located?
    The property is located at 24 W 40th St New York, NY.
    What are key features of this property?
    This property features: High foot traffic: 5 Million visitors to Bryant Park annually.; High density of office workers: Approximately 60,000 office workers surround Bryant Park.; High density of hotel rooms: Approximately 3,600 hotel rooms in the immediate vicinity.
    (516) 502-5438 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jake Horowitz
    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

    24 W 40th St, 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!