Loft Building with High
438-448 W 37th St, New York, NY
For Sale
Contact for pricing
Loft building featuring soaring ceilings and large windows for sale.
Property Size14,384 SF
Lot Size0.29 Acres
Price / SF$535
Days on Market709
Property Features for 438-448 W 37th St
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Listing Agency:
Rudder Property Group
(212) 966-3611
Listed By:
Michael Rudder · License NY #10491201687
(646) 483-2203
Source:
Moodyscre
Added: Dec 2, 2024
Changed: Oct 26
Last Checked: Nov 8 at 4:15AM
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 Rudder Property Group
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This loft building features 13'4" ceilings and large north and south-facing windows. The property offers larger floor plates and a two-floor contiguous block. The building has a newly renovated lobby and building improvements. It is located next to the Baryshnikov Arts Center, Chef’s Table at Brooklyn Fare, Uncle Jack’s Steakhouse, Walt Frazier’s, Legacy Records, and Peloton’s corporate headquarters, and across the street from the Brooklyn Fare gourmet store, which offers lunch options. Up to 90% financing is available for qualified buyers. The property encompasses 14,384 square feet.
Key Highlights
- Soaring 13’4” ceilings and large north and south facing windows.
- Unique larger floor plates and two‑floor contiguous block.
- Very low carrying costs.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$450,402
Cap Rate
5.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,008,040
$9.0M
Cap Rate 7%
$6,434,314
$6.4M
Cap Rate 9%
$5,004,467
$5.0M
Market Conditions
NOI Build-Up for 14,384 SF
Gross rent
$740.5K $51.48/SF
− Vacancy
−$140.0K −$9.73/SF
EGI
$600.5K $41.75/SF
− OpEx
−$150.1K −$10.44/SF
NOI
$450.4K $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 Rate 5%
$9,008,040
Cap Rate 7%
$6,434,314
Cap Rate 9%
$5,004,467
Alternative Uses
Best Use
Office B
$6.43M
$5.63M – $7.51M
NOI $450,402 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.06M
$8.80M – $11.73M
NOI $703,931 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,242
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Office buildings in New York
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Loft building featuring soaring ceilings and large windows for sale.
Where is this office building located?
The property is located at 438-448 W 37th St New York, NY.
What is the asking price?
The asking price for this property is $7,695,440.
What are key features of this property?
This property features: Soaring 13’4” ceilings and large north and south facing windows.; Unique larger floor plates and two‑floor contiguous block.; Very low carrying costs.
