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    Iconic Lipstick Building Office Space Title is generated by Realmo AI

    885 3rd Ave, New York, NY

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    Class A office space in Manhattan's iconic Lipstick Building.

    Type:OFFICE
    Property size:
    13,884 SF
    Lot size:
    0.63 Acres
    Added:
    Aug 9, 2023
    Days on Market:
    1014
    Last Refresh:
    Apr 5 at 9:13 pm

    Property Features for 885 3rd Ave

    General Information

    Standard status
    Active
    Size
    13,884 SF
    Lot size
    0.63 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 885 3rd Ave Contact us

    We can help!

    Listing Contact
    Larry Swiger

    Listing agent Larry Swiger

    Listing office SL Green Realty Corp - Corporate

    Listing date Aug 9, 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 SL Green Realty Corp - Corporate

    HighLights

    • Iconic "Lipstick Building" with unique postmodern design.
    • Class A office space in prime Manhattan location at Third Avenue and East 53rd Street.
    • Convenient access to E/M/6 subway lines and Grand Central Terminal.
    • Collaboration between renowned architects John Burgee and Phillip Johnson.
    • On‑site amenities include a public plaza and Wolfgang's Steakhouse.
    • Recent upgrades: new lobby with coffee bar, new elevator cabs, upgraded landscaping, and façade restoration.

    Overview

    Located at the corner of Third Avenue and East 53rd Street, 885 Third Avenue, also known as “The Lipstick Building,” is a 34-story skyscraper containing over 600,000 square feet of Class A office space. The building incorporates a public plaza and Wolfgang’s Steakhouse. The building is located near the Lexington Avenue-53rd Street station, providing access to the E/M/6 subway lines, and is a short walk to Grand Central Terminal. Designed in 1986 as a collaboration between John Burgee Architects and Phillip Johnson, the building is an example of the postmodern style. The ovoid tower rises in three tiers above a classical colonnade with Art Deco details. Recent upgrades include a new lobby with a coffee bar, new elevator cabs, upgraded landscaping, and façade restoration and cleaning. The available space is 13,884 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Brian Cohen, J.D. Law Firm Jonathan Stein, J.D. Law Firm Freund Hugh J Law Firm Hertz Michael K Law Firm Demetra Popi Karamanos Law Firm

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Dental Office Food Market Grocery & Convenience Store Daycare Center Gym & Fitness 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
    -73.969
    Latitude
    40.7579

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    FAQs

    What type of property is this?
    Office building - Class A office space in Manhattan's iconic Lipstick Building.
    Where is this office building located?
    The property is located at 885 3rd Ave New York, NY.
    What are key features of this property?
    This property features: Iconic "Lipstick Building" with unique postmodern design.; Class A office space in prime Manhattan location at Third Avenue and East 53rd Street.; Convenient access to E/M/6 subway lines and Grand Central Terminal.
    (212) 594-2700 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Larry Swiger
    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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