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    Midtown Office Space Title is generated by Realmo AI

    12 East 41st Street, New York, NY 10017

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    New
    For Lease
    $60 SF/Yr $338,265/Mo (calc)

    Prime Midtown office location with exceptional transit access near major Manhattan rail hubs.

    Type:Office
    Property size:
    67,653 SF
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 3:21 am

    Property Features for 12 East 41st Street

    General Information

    Standard status
    Active
    Size
    67,653 SF
    Property subtype
    Office

    Spaces For Lease

    at 12 East 41st Street Contact us

    We can help!

    Listing Contact
    Chris Wittmann
    Chris Wittmann

    Listing agent Chris Wittmann

    Listing office Lincoln Property Company | New York City

    Listing date Jun 2, 2026

    Source Lpc

    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 Lincoln Property Company | New York City

    HighLights

    • Office space available for lease in Midtown Manhattan
    • Two blocks to Grand Central
    • Walking distance to Port Authority and Penn Station
    • Nearby subway access to lines 4, 5, 6, S, 7, B, D, F, M, Q, N, R, 1, and 2
    • Steps from the New York Public Library and Bryant Park

    Overview

    This Midtown office space offers a convenient, professional setting for tenants seeking a Manhattan address with day-to-day accessibility. The offering is well positioned within a dense downtown office environment, making it practical for teams that rely on frequent meetings, commuting, and easy client access.

    The location is described as prime Midtown, with Grand Central within two blocks. The space is also within walking distance of Port Authority and Penn Station. Multiple subway lines are nearby, including 4, 5, 6, S, 7, B, D, F, M, Q, N, R, and 1, 2, 3, supporting flexible commute options. In addition, the property is steps from the New York Public Library and Bryant Park, adding a readily accessible amenity base for staff and visitors.

    This space should appeal to office users that value Midtown connectivity and dependable transit coverage, especially firms that need to host clients and move staff across the city efficiently. With prominent nearby destinations and straightforward public transportation access, it can support a wide range of professional office operations looking for a highly convenient Manhattan location.
    Location Intelligence

    Current Use by Public Records

    AJ Smile Center Dental Office Sanjay C. Jagani, ... Dental Office Dorian Studios Inc Dental Office Vance Staffing Employment Agency Robert Lipner Dental Office

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    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
    -73.9806792
    Latitude
    40.7523984

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    FAQs

    What type of property is this?
    Office building - Prime Midtown office location with exceptional transit access near major Manhattan rail hubs.
    Where is this office building located?
    The property is located at 12 East 41st Street New York, NY.
    What is the lease rate?
    The lease rate is $60 SF/Yr.
    What are key features of this property?
    This property features: Office space available for lease in Midtown Manhattan; Two blocks to Grand Central; Walking distance to Port Authority and Penn Station
    (212) 752-1041
    We can help!
    Listing Contact
    Chris Wittmann
    Chris Wittmann
    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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