Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    40-42 Park Ave New York, NY

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Office space for rent in Midtown Manhattan's Murray Hill.

    Type:OFFICE
    Property size:
    1,636 SF
    Lot size:
    0.30 Acres
    Added:
    Nov 18, 2024
    Days on Market:
    503
    Last Refresh:
    Apr 1 at 11:53 pm

    Property Features for 40-42 Park Ave

    General Information

    Standard status
    Active
    Size
    1,636 SF
    Lot size
    0.30 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 40-42 Park Ave Contact us

    We can help!

    Listing Contact
    Thomas M. Keating

    Listing agent Thomas M. Keating

    Listing office Rudin Management Company - Corporate

    Listing date Nov 18, 2024

    Source Moodyscre

    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 Rudin Management Company - Corporate

    Overview

    Murray Hill Office Space Available

    Located in Murray Hill, 40 Park Avenue was designed by Emery Roth & Sons and built by the Rudin family. The building opened in 1950. The available office space is 1,636 square feet.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

    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
    -74.0108
    Latitude
    40.7085

    Nearby Similar for Lease

    • Contact for pricing

      Bright Third-Floor Office Space

      Spacious, sun-filled office with modern amenities in New York.
      164 West 128th Street, New York, NY 10027
      View Details
    • Contact for pricing

      Renovated Brownstone Apartment with Modern Amenities

      Gut-renovated brownstone apartment with modern design and pre-war details.
      164 West 123rd Street, New York, NY 10027
      View Details
    • Contact for pricing

      Modern Duplex in Midtown Manhattan

      Sophisticated two-floor duplex with modern design and condo-level amenities.
      110 East 37th Street, New York, NY 10016
      View Details
    • Contact for pricing

      Chinatown Office Space For Rent

      678 SF office space in the heart of Chinatown.
      128 Mott Street, New York, NY 10013
      View Details
    • $35,000/mo

      West Village Penthouse with Garden

      Spacious West Village penthouse with private garden and river views.
      134 Charles Street, New York, NY 10014
      View Details
    • $37/mo

      Midtown Manhattan Office Space Available

      177,000 SF office building near major transportation hubs.
      260 West 39th Street, New York, NY, 10018
      View Details
    • Sponsored
      Contact for pricing

      NY, New York - 14 Penn Plaza - 225 West 34th Street

      14 34Th St, Unit NY USA, New York, NY 10122
      View Details
    • Contact for pricing

      Ground Floor Duplex Storefront

      Commercial duplex store for lease with huge street frontage.
      2070 Frederick Douglass Blvd, Unit ground floor one, New York, NY 10026
      View Details
    • Contact for pricing

      NY, Brooklyn - Brooklyn Heights - MetroTech

      300 Cadman Plz, Unit 12TH, New York, NY 11201
      View Details
    • Contact for pricing

      NY, Brooklyn - Manhattan Ave

      750 Manhattan Ave, New York, NY 11222
      View Details
    • $39/mo

      Midtown Manhattan Office Space

      17-story office building in Chelsea neighborhood with convenient transportation.
      245 West 29th Street, New York, NY, 10001
      View Details
    • Contact for pricing

      Spaces Meatpacking District

      413 14Th St, New York, NY 10014
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for rent in Midtown Manhattan's Murray Hill.
    Where is this office units located?
    The property is located at 40-42 Park Ave New York, NY.
    What is the lease rate?
    The lease rate is $85 SF/Yr.
    What are key features of this property?
    This property features: Located at 40 Park Avenue in Murray Hill; Designed by Emery Roth & Sons; Built by the Rudin family
    (212) 407-2400 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Thomas M. Keating
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!