Vacant Office Space in
For Sale
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633 3rd Avenue, New York, NY 10017
Full floor office condominium in Grand Central submarket available for sale.
Property Size44,779 SF
Price / SF$401.97
Days on Market1214
Property Features for 633 3rd Avenue
General Information
Standard status
Active
Size
44,779 SF
Class
A
Property subtype
Office
Investment Type
Owner/User
Listing Agency:
Cushman & Wakefield New York
Listed By:
Craig Waggner · License #NY 40WA1007271
(212) 660-7744
Source:
Crexi
Added: May 12, 2023
Changed: Sep 4
Last Checked: Sep 4 at 10:45PM
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 Cushman & Wakefield New York
Investment Insights
Based on property information with market context.
The property offered for sale is the condominium ownership interest in the entire seventh floor at 633 Third Avenue. This Class A office condominium is situated on Third Avenue within Manhattan's Grand Central submarket, positioned east of Bryant Park and west of the United Nations. The unit encompasses approximately 44,779 rentable square feet of vacant office space. It will be delivered vacant, allowing for immediate possession. The property is being offered on an "as-is" basis with vacant possession immediately.
Key Highlights
- Delivered vacant, allowing immediate possession.
- Full floor (44,779 rentable square feet) of Class A office space.**
- Located in the highly desired Grand Central Submarket of Manhattan.
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
$1,402,152
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
7.79%
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%
$28,043,040
$28.0M
Cap Rate 7%
$20,030,743
$20.0M
Cap Rate 9%
$15,579,467
$15.6M
Market Conditions
NOI Build-Up for 44,779 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
$2.31M $51.48/SF
− Vacancy
−$435.7K −$9.73/SF
EGI
$1.87M $41.75/SF
− OpEx
−$467.4K −$10.44/SF
NOI
$1.40M $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%
$28,043,040
Cap Rate 7%
$20,030,743
Cap Rate 9%
$15,579,467
Alternative Uses
Best Use
Office B
$20.03M
$17.53M – $23.37M
NOI $1,402,152 @ 7.0% cap · market cap 7.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$111.46M
$97.53M – $130.04M
NOI $7,802,293 @ 7.0% cap · market cap 43.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
61,874
Businesses Nearby
Explore this area
Business Placement
Demographics for 10017, NY
17,401
Population
12,866
Households
1.4
Avg Household Size
38
Median Age
85%
College-Educated
97%
High-School Grad
0.3 sq mi
ZIP Area
58,003
Density / Sq Mi
$132,518
Median Household Income
$94,214
Median Earnings
$2,980
Median Rent
$808,200
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 - Full floor office condominium in Grand Central submarket available for sale.
Where is this office units located?
The property is located at 633 3rd Avenue New York, NY.
What is the asking price?
The asking price for this property is $18,000,000.
What are key features of this property?
This property features: Delivered vacant, allowing immediate possession.; Full floor (44,779 rentable square feet) of Class A office space.**; Located in the highly desired Grand Central Submarket of Manhattan.
