Office Condominium Building with Large Contiguous
For Sale
Contact for pricing
32 W 39th St, New York, NY 10018
Full-floor office condominiums offer bright natural light and contiguous space blocks up to 50,000 RSF.
Property Size87,072 SF
Price / SF$900
Days on Market650
Property Features for 32 W 39th St
General Information
Standard status
Active
Size
87,072 SF
Elevators
Yes
Property subtype
OFFICE
Additional Details
Public Transit
Yes
Amenities
high ceilings
large windows
potential roof deck on the 5th floor
restored facade
redesigned lobby
Building Details
Buildings
1
Stories
16
Building Size
87,072 SF
Listing Agency:
Rudder Property Group
(212) 966-3611
Listed By:
Michael Rudder · License #10491201687
(646) 483-2203
Source:
Moodyscre
Added: Dec 2, 2024
Changed: Aug 13
Last Checked: Sep 13 at 11:47AM
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.
Bryant Park Office Condominiums at 32 W 39th St is a 16-story office condominium building offering full floors sized from 3,970 RSF to 8,371 RSF. Floorplates can also be configured into large contiguous blocks of up to 50,000 RSF, supporting a range of tenant space needs.
The building features high ceilings and three sides of large windows designed to bring in bright natural light. Unique building features include potential roof deck space on the 5th floor. The property is well maintained, with a recently restored façade, a redesigned lobby, and elevator upgrades.
Positioned in the Bryant Park submarket, the building is adjacent to Amazon’s Fifth Avenue Headquarters, between Fifth and Sixth Avenues, and situated between Grand Central and Penn Station.
The building features high ceilings and three sides of large windows designed to bring in bright natural light. Unique building features include potential roof deck space on the 5th floor. The property is well maintained, with a recently restored façade, a redesigned lobby, and elevator upgrades.
Positioned in the Bryant Park submarket, the building is adjacent to Amazon’s Fifth Avenue Headquarters, between Fifth and Sixth Avenues, and situated between Grand Central and Penn Station.
Key Highlights
- 16‑story office condominium building totaling 87,072 SF
- Full floors available from 3,970 RSF to 8,371 RSF
- Large contiguous blocks up to 50,000 RSF
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
$141,753
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
3.48%
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%
$2,835,060
$2.8M
Cap Rate 7%
$2,025,043
$2.0M
Cap Rate 9%
$1,575,033
$1.6M
Market Conditions
NOI Build-Up for 4,527 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
$233.0K $51.48/SF
− Vacancy
−$44.0K −$9.73/SF
EGI
$189.0K $41.75/SF
− OpEx
−$47.3K −$10.44/SF
NOI
$141.8K $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%
$2,835,060
Cap Rate 7%
$2,025,043
Cap Rate 9%
$1,575,033
Alternative Uses
Best Use
Office B
$2.03M
$1.77M – $2.36M
NOI $141,753 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.27M
$9.86M – $13.15M
NOI $788,784 @ 7.0% cap · market cap 19.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
91,796
Businesses Nearby
Explore this area
Business Placement
Demographics for 10018, NY
11,145
Population
5,678
Households
2
Avg Household Size
35
Median Age
75%
College-Educated
92%
High-School Grad
0.3 sq mi
ZIP Area
37,150
Density / Sq Mi
$133,042
Median Household Income
$103,655
Median Earnings
$3,501
Median Rent
$947,100
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Full-floor office condominiums offer bright natural light and contiguous space blocks up to 50,000 RSF.
Where is this office units located?
The property is located at 32 W 39th St New York, NY.
What is the asking price?
The asking price for this property is $4,074,300.
What are key features of this property?
This property features: 16‑story office condominium building totaling 87,072 SF; Full floors available from 3,970 RSF to 8,371 RSF; Large contiguous blocks up to 50,000 RSF
