Class A Office
For Sale
Contact for pricing
420 5th Avenue, New York, NY 10018
Office condominium in Midtown Manhattan near Bryant Park and Amazon HQ.
Property Size55,953 SF
Price / SF$849.73
Days on Market161
Property Features for 420 5th Avenue
General Information
Standard status
Active
Size
55,953 SF
Property subtype
Office
Investment Type
Owner/User
Building Details
Stories
3
Units
1
Listing Agency:
Cushman & Wakefield New York
(212) 660-7744
Listed By:
Craig Waggner · License #NY 40WA1007271
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 8 at 6:35AM
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 Cushman & Wakefield New York
Investment Insights
Based on property information with market context.
Available for sale is the condominium ownership interest in the eleventh through thirteenth floors at 420 Fifth Avenue, a Class A office condominium located on Fifth Avenue between West 37th and West 38th Streets. Situated in a highly desirable submarket of Manhattan, the property is just south of Bryant Park and adjacent to Amazon’s new headquarters, formerly the Lord & Taylor Building. Each floor offers approximately 18,000 to 19,000 RSF of office space and will be delivered vacant. The property features a renovated, modern build-out, allowing for turnkey occupancy.
Key Highlights
- Turnkey, renovated modern office space ready for immediate occupancy.
- Prime location on Fifth Avenue, in a highly desired Manhattan submarket near Bryant Park.
- Adjacent to Amazon's new headquarters (former Lord & Taylor Building).
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$1,752,040
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$35,040,800
$35.0M
Cap Rate 7%
$25,029,143
$25.0M
Cap Rate 9%
$19,467,111
$19.5M
Market Conditions
NOI Build-Up for 55,953 SF
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.
Gross rent
$2.88M $51.48/SF
− Vacancy
−$544.4K −$9.73/SF
EGI
$2.34M $41.75/SF
− OpEx
−$584.0K −$10.44/SF
NOI
$1.75M $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$35,040,800
Cap Rate 7%
$25,029,143
Cap Rate 9%
$19,467,111
Alternative Uses
Best Use
Office B
$25.03M
$21.90M – $29.20M
NOI $1,752,040 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$139.28M
$121.87M – $162.49M
NOI $9,749,251 @ 7.0% cap · market cap 20.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
101,253
Businesses Nearby
Explore this area
Business Placement
Demographics for 10018, NY
11,145
Population
5,678
Households
2
Avg Household Size
35
Median Age
75%
College-Educated
92%
High-School Grad
0.3 sq mi
ZIP Area
37,150
Density / Sq Mi
$133,042
Median Household Income
$103,655
Median Earnings
$3,501
Median Rent
$947,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condominium in Midtown Manhattan near Bryant Park and Amazon HQ.
Where is this office units located?
The property is located at 420 5th Avenue New York, NY.
What is the asking price?
The asking price for this property is $47,544,750.
What are key features of this property?
This property features: Turnkey, renovated modern office space ready for immediate occupancy.; Prime location on Fifth Avenue, in a highly desired Manhattan submarket near Bryant Park.; Adjacent to Amazon's new headquarters (former Lord & Taylor Building).
