Commercial Land with Existing
New
For Sale
$8,900,000
390 Eighth Avenue, New York, NY 10001
The parcel includes a vacant, single-story building with a basement and zoning for residential, commercial, mixed-use, and community facility development.
Property Size2,000 SF
Price / SF$4,450
Days on Market5
Property Features for 390 Eighth Avenue
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Site & Location
Neighborhood
Midtown Manhattan
Taxes and HOA fees
Annual Taxes
$78,096
Building Details
Year Built
1938
Units
1
Listing Agency:
East Side
Listed By:
Michael Turtora · License #10301222992
(646) 727-0782
Source:
Corcoran
Added: Oct 27
Changed: Oct 30
Last Checked: Oct 30 at 2:45PM
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 East Side
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Investment Insights
Based on property information with market context.
At 390 Eighth Avenue, this commercial parcel measures 20 feet by 100 feet and contains a vacant, one-story building with a basement. The 2,000-square-foot structure was built in 1938.
Zoned C6-3X, equivalent to R9X, the property allows residential, commercial, mixed-use, and community facility uses. Standard residential FAR is 9.0, with a maximum floor area of 18,000 square feet; qualifying housing may reach FAR 10.8 and 21,600 square feet of floor area.
The property is on the east side of Eighth Avenue between 29th and 30th Streets. Nearby transit and destinations listed include Penn Station, Madison Square Garden, the A/C/E and 1/2/3 subway lines, the High Line, Herald Square, the Theater District, and Hudson Yards.
Zoned C6-3X, equivalent to R9X, the property allows residential, commercial, mixed-use, and community facility uses. Standard residential FAR is 9.0, with a maximum floor area of 18,000 square feet; qualifying housing may reach FAR 10.8 and 21,600 square feet of floor area.
The property is on the east side of Eighth Avenue between 29th and 30th Streets. Nearby transit and destinations listed include Penn Station, Madison Square Garden, the A/C/E and 1/2/3 subway lines, the High Line, Herald Square, the Theater District, and Hudson Yards.
Key Highlights
- 20‑foot‑by‑100‑foot parcel with a vacant 2,000‑square‑foot building
- One‑story structure with basement; built in 1938
- C6‑3X zoning, equivalent to R9X, permits residential, commercial, mixed‑use, and community facility uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$281,449
Cap Rate
3.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,628,980
$5.6M
Cap Rate 7%
$4,020,700
$4.0M
Cap Rate 9%
$3,127,211
$3.1M
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$471.4K $235.68/SF
− Vacancy
−$69.3K −$34.64/SF
EGI
$402.1K $201.04/SF
− OpEx
−$120.6K −$60.31/SF
NOI
$281.4K $140.72/SF
Area
New York, NY
Vacancy
14.70%
Lease Rate
$235.68 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,628,980
Cap Rate 7%
$4,020,700
Cap Rate 9%
$3,127,211
Alternative Uses
Best Use
Retail
$4.02M
$3.52M – $4.69M
NOI $281,449 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.98M
$4.36M – $5.81M
NOI $348,480 @ 7.0% cap · market cap 3.92%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
62,020
Businesses Nearby
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Business Placement
Demographics for 10001, NY
32,612
Population
17,554
Households
1.9
Avg Household Size
35
Median Age
72%
College-Educated
93%
High-School Grad
0.6 sq mi
ZIP Area
54,353
Density / Sq Mi
$123,393
Median Household Income
$97,848
Median Earnings
$3,024
Median Rent
$793,000
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Commercial land - The parcel includes a vacant, single-story building with a basement and zoning for residential, commercial, mixed-use, and community facility development.
Where is this commercial land located?
The property is located at 390 Eighth Avenue New York, NY.
What is the asking price?
The asking price for this property is $8,900,000.
What are key features of this property?
This property features: 20‑foot‑by‑100‑foot parcel with a vacant 2,000‑square‑foot building; One‑story structure with basement; built in 1938; C6‑3X zoning, equivalent to R9X, permits residential, commercial, mixed‑use, and community facility uses
