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    41 W 36Th St New York, NY 10018

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    Residential development site in the heart of Manhattan's Midtown South.

    Property size:
    7,695 SF
    Lot size:
    1,975.00 Acres

    Property Features for 41 W 36Th St

    General Information

    Standard status
    Active
    Zoning
    M1-9A / R12
    Size
    7,695 SF
    Lot size
    1,975.00 Acres

    Building Details

    Year built
    1935

    We can help!

    Listing Contact
    Charles Turbak
    Source: Crexi

    Listing Agency: G.E. Grace & Company, Inc. Listing Agent: Charles Turbak

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Midtown South Development Opportunity

    Located on West 36th Street between Fifth Avenue and Avenue of the Americas, this site is in close proximity to Herald Square, Bryant Park, Penn Station, and Manhattan’s commercial and retail areas. The property is a five-story commercial building with 7,695 square feet of existing improvements on a 1,975 square foot lot with 20 feet of frontage and a depth of 98.75 feet. The zoning is M1-9A / R12 with a residential FAR of 18.0, allowing for a buildable area of 35,550 square feet. All available air rights are included, and unused development rights may be purchased separately. The site offers the ability to maximize the 18.0 FAR for residential or mixed-use development. Vacant delivery allows for immediate redevelopment. The Midtown South Mixed-Use (MSMX) rezoning, passed in August 2025, is transforming Midtown South into a residential growth corridor. This rezoning is projected to deliver over 9,500 new housing units district-wide, including over 2,800 permanently affordable units. The location is a 3-minute walk to the 34th Street–Herald Square subway station (N, Q, R, W, B, D, F, M lines) and an 11-minute walk to Penn Station (LIRR, NJ Transit, Amtrak, PATH, 1, 2, 3 lines), and is steps from office towers, retail, hotels, and institutional anchors.
    Location Intelligence

    Current Use by Public Records

    Streak Studio Photography Service ABC Company Clothing Store Roberts Capital Advisors, ... Corporate Office SassClass Training Center Ritreit Dental Dental Office

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Law Firm Daycare 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
    -73.9854782
    Latitude
    40.7506128

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    FAQs

    What type of property is this?
    Commercial land - Residential development site in the heart of Manhattan's Midtown South.
    Where is this commercial land located?
    The property is located at 41 W 36Th St New York, NY.
    What are key features of this property?
    This property features: - Newly upzoned residential development site with **35,550 BSF buildable area** in Midtown South.; - Located steps from Herald Square, Bryant Park, and Penn Station, offering exceptional access to transportation and amenities.; - Benefits from the Midtown South Mixed-Use (MSMX) rezoning, a significant residential growth corridor.
    Request Owner's contact information
    41 W 36Th St New York, NY 10018
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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
    41 W 36Th St New York, NY 10018
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