Turtle Bay Commercial Building For
For Sale
Contact for pricing
249 E 49th St, New York, NY
Four-story commercial building in Turtle Bay neighborhood.
Property Size1,808 SF
Lot Size0.04 Acres
Price / SF$3,761
Days on Market602
Property Features for 249 E 49th St
General Information
Standard status
Active
Size
1,808 SF
Lot size
0.04 Acres
Property subtype
RETAIL
Listing Agency:
Nest Seekers International - Corporate
(212) 203-3064
Listed By:
Akiko Osaka
(212) 203-3064
Source:
Moodyscre
Added: Dec 11, 2024
Changed: Jul 6
Last Checked: Jul 21 at 3:09AM
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 Nest Seekers International - Corporate
Investment Insights
Based on property information with market context.
Located in the Turtle Bay neighborhood, this four-story commercial building offers 4,344 square feet of gross leasable area. Constructed in 1900, the building features a frontage of 21 feet on a 1,808-square-foot lot (0.04 acres). The property includes a renovated ground floor and second-floor office/retail space, with two residential floors above. It has two separate entrances. Situated on East 49th Street between Second and Third Avenue, the building is surrounded by high-end residential townhouses. The property is located in a R8B zoning district and has a maximum buildable area of approximately 7,200 square feet for future mixed-use or residential development. The building can be delivered vacant or with the existing high-end restaurant. The property is near Grand Central Station, presenting an opportunity for a restaurant user or investor.
Key Highlights
- Prime Turtle Bay location near Grand Central Station
- 4,344 SF Commercial Building with mixed‑use potential (retail/office/residential)**
- Delivered vacant or with existing high‑end restaurant
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $477.3k | $264.00 |
| − Vacancy | −$57.3k | −$31.68 |
| EGI | $420.0k | $232.32 |
| − OpEx | −$105.0k | −$58.08 |
| NOI | $315.0k | $174.24 |
1,808 SF · lease $264.00/SF/yr · vacancy 12.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$4.50M
$3.94M – $5.25M
NOI $315,026 @ 7.0% cap · market cap 4.63%
Second Best
Retail
$3.63M
$3.18M – $4.24M
NOI $254,430 @ 7.0% cap · market cap 3.74%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
64,721
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Four-story commercial building in Turtle Bay neighborhood.
Where is this storefront property located?
The property is located at 249 E 49th St New York, NY.
What is the asking price?
The asking price for this property is $6,800,000.
What are key features of this property?
This property features: Prime Turtle Bay location near Grand Central Station; 4,344 SF Commercial Building with mixed‑use potential (retail/office/residential)**; Delivered vacant or with existing high‑end restaurant
