Loft Building with High
For Sale
Contact for pricing
438-448 W 37th St, New York, NY
Loft building featuring soaring ceilings and large windows for sale.
Property Size14,384 SF
Lot Size0.29 Acres
Price / SF$535
Days on Market617
Property Features for 438-448 W 37th St
General Information
Standard status
Active
Size
14,384 SF
Lot size
0.29 Acres
Property subtype
OFFICE
Listing Agency:
Rudder Property Group
(646) 483-2203
Listed By:
Michael Rudder · License #10491201687
(646) 483-2203
Source:
Moodyscre
Added: Dec 2, 2024
Changed: Jul 10
Last Checked: Aug 11 at 6:02AM
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 Rudder Property Group
Investment Insights
Based on property information with market context.
This loft building features 13'4" ceilings and large north and south-facing windows. The property offers larger floor plates and a two-floor contiguous block. The building has a newly renovated lobby and building improvements. It is located next to the Baryshnikov Arts Center, Chef’s Table at Brooklyn Fare, Uncle Jack’s Steakhouse, Walt Frazier’s, Legacy Records, and Peloton’s corporate headquarters, and across the street from the Brooklyn Fare gourmet store, which offers lunch options. Up to 90% financing is available for qualified buyers. The property encompasses 14,384 square feet.
Key Highlights
- Soaring 13’4” ceilings and large north and south facing windows.
- Unique larger floor plates and two‑floor contiguous block.
- Very low carrying costs.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$450,402
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,008,040
$9.0M
Cap Rate 7%
$6,434,314
$6.4M
Cap Rate 9%
$5,004,467
$5.0M
Market Conditions
NOI Build-Up for 14,384 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$740.5K $51.48/SF
− Vacancy
−$140.0K −$9.73/SF
EGI
$600.5K $41.75/SF
− OpEx
−$150.1K −$10.44/SF
NOI
$450.4K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,008,040
Cap Rate 7%
$6,434,314
Cap Rate 9%
$5,004,467
Alternative Uses
Best Use
Office B
$6.43M
$5.63M – $7.51M
NOI $450,402 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$35.80M
$31.33M – $41.77M
NOI $2,506,268 @ 7.0% cap · market cap 32.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
24,798
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Loft building featuring soaring ceilings and large windows for sale.
Where is this office building located?
The property is located at 438-448 W 37th St New York, NY.
What is the asking price?
The asking price for this property is $7,695,440.
What are key features of this property?
This property features: Soaring 13’4” ceilings and large north and south facing windows.; Unique larger floor plates and two‑floor contiguous block.; Very low carrying costs.
