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 Market1259
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: Oct 6
Last Checked: Oct 20 at 7:10PM
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
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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.
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 / Yr
$1,402,152
Cap Rate
7.79%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Full floor office condominium in Grand Central submarket available for sale.
Where is this office unit 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.
