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    Upper West Side Office Space Title is generated by Realmo AI

    23 W 73rd Street New York, Manhattan, NY 10023

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    Claim this Listing
    For Lease
    $700/Mo $80 SF/Yr (calc)

    COMMERCIAL - New York (Manhattan), NY

    Type:Office
    Property size:
    104 SF
    Added:
    Nov 7, 2025
    Days on Market:
    186
    Last Refresh:
    May 12 at 11:06 pm

    Property Features for 23 W 73rd Street New York

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    Size
    104 SF

    Taxes and HOA fees

    Tax Year
    2025

    Utilities

    Heating system
    Steam

    We can help!

    Listing Contact
    Russell T. Dinstein
    Russell T. Dinstein

    Listing agent Russell T. Dinstein

    Listing office Red Sparrow Realty Group LLC 310 East 94th Street, New York, NY

    Listing date Nov 7, 2025

    MLS# 933439

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime Upper West Side location near Central Park and multiple subway lines.
    • All‑inclusive rent of $700/month covers taxes, electricity, and heat.
    • Immediate possession available.
    • Building amenities include a concierge, doorman, and live‑in super.
    • Office space with a window that opens to West 73rd Street.
    • Located in the iconic Park Royal Cooperative building.

    Overview

    Located on the Upper West Side, this first-floor office space is situated in the Park Royal Cooperative. The space offers approximately 104 square feet of area with a ceiling height of about 7 feet 8 inches. It is suitable for office space or storage for an individual with zero foot traffic. The space has a window that opens to West 73rd Street and is slightly raised from the lobby floor by five steps. The lease term and escalations are negotiable, with immediate possession available. The monthly rent is $700, which equates to $81 per square foot annually. Taxes, electricity, and heat are included in the rent; the tenant is responsible for providing Internet. A shared bathroom is available on the ground floor. Building amenities include a concierge, doorman, and live-in super. The property is located near the B, C, 1, 2, and 3 trains and is just from Central Park. The New York Sports Club is located next door. The office is front-facing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kristen Lorello Art Gallery Mary-Anne Martin Fine ... Art Gallery Dr. Yoav Cohen Physician Anne M. Bohraus, ... Physician Keloid Treatment Center Medical Clinic

    Suggested Use

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

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manhattan
    County
    New York
    State
    New York
    Longitude
    -73.9652642
    Latitude
    40.7727118

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    FAQs

    What type of property is this?
    Office units - First-floor office space near Central Park on Upper West Side.
    Where is this office units located?
    The property is located at 23 W 73rd Street New York Manhattan, NY.
    What is the lease rate?
    The lease rate is $700 /Mo.
    What are key features of this property?
    This property features: Prime Upper West Side location near Central Park and multiple subway lines.; All‑inclusive rent of $700/month covers taxes, electricity, and heat.; Immediate possession available.
    (212) 655-7526
    We can help!
    Listing Contact
    Russell T. Dinstein
    Russell T. Dinstein
    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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