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    1800 Park Avenue New York, NY 10035

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2924692
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1800 Park Avenue

    Property type
    Commercial real estate

    Description

    This exceptional East Harlem development opportunity presents a 36,078 sq ft lot at 1800 Park Avenue, offering a substantial 488,759 buildable square feet as of right. The site boasts significant frontage on Park Avenue, East 124th Street, and East 125th Street, providing excellent light and air. Zoned C4-7, 125th Street Special District, it allows for both residential and commercial development. Existing structures have been demolished and the site excavated, saving developers considerable time and cost. The property includes transferred development rights from an adjacent property, adding 127,982 buildable square feet. Further density increases are possible through various bonus programs, potentially reaching 682,317 buildable square feet. Comprehensive massing and zoning studies are available. The site's prime location offers convenient access to multiple subway lines (4, 5, 6) and the Metro-North Harlem-125th Street station, connecting to Grand Central Terminal and beyond. Nearby amenities include the Apollo Theater, El Museo del Barrio, and Marcus Garvey Park. This is a rare chance to create a landmark development in a thriving East Harlem neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.939793
    Latitude
    40.804936

    Comparable in this City

    • $6,650,000
      2,890 SF

      East Harlem Development Opportunity

      Four-lot assemblage near future Q train station.
      2367 2Nd Ave, New York, NY 10035
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    • Contact for pricing
      10,658 SF

      Park Avenue Development Opportunity

      Large lot near Metro-North with significant development potential.
      1908 Park Ave, New York, NY 10035
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      84,768 SF

      East Harlem Commercial Property

      Prime Retail & Land Opportunity
      228 122Nd St, New York, NY 10035
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    • $18,000,000

      East Harlem Development Opportunity

      421A-approved development opportunity with approved plans in Manhattan.
      2197 3Rd Ave, New York, NY 10035
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    • $2,500,000

      East Harlem Development Site

      Prime development site in East Harlem with 10,870 buildable SF.
      202-204 E 119Th St, New York, NY 10035
      View Details

    Similar Nearby for Sale

    • $6,650,000
      2,890 SF

      East Harlem Development Opportunity

      Four-lot assemblage near future Q train station.
      2367 2Nd Ave, New York, NY 10035
      View Details
    • Contact for pricing
      10,658 SF

      Park Avenue Development Opportunity

      Large lot near Metro-North with significant development potential.
      1908 Park Ave, New York, NY 10035
      View Details
    • Contact for pricing
      84,768 SF

      East Harlem Commercial Property

      Prime Retail & Land Opportunity
      228 122Nd St, New York, NY 10035
      View Details
    • $1,100,000
      7,162 SF

      Harlem Development Site For Sale

      Manhattan development site in Qualified Opportunity Zone with excellent transit.
      43 W 126Th St, New York, NY 10035
      View Details
    • $18,000,000

      East Harlem Development Opportunity

      421A-approved development opportunity with approved plans in Manhattan.
      2197 3Rd Ave, New York, NY 10035
      View Details

    Similar Nearby for Lease

    • $47 SF/Yr
      60,000 SF

      Upper East Side Office Space

      Prestigious East Harlem Offices, 200-18,400 SF
      116 124Th St, New York, NY 10035
      View Details
    • $3,500 /Mo
      300 SF

      Harlem Retail Space For Rent

      Retail space near 116th Street in Harlem available for rent.
      1663 Park Ave, New York, NY 10035
      View Details
    • $6,000 /Mo

      Prime Ground Floor Retail Space

      Retail space in high-traffic, dense residential neighborhood.
      2413B 2Nd Ave, New York, NY 10035
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    • New
      $4,600 /Mo

      East Harlem Storefront on 2nd Avenue

      Prime retail space in East Harlem with high visibility.
      2296 New York Plz, Manhattan, NY 10035
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    • Contact for pricing
      23,955 SF

      Prime Park Avenue Retail Space

      High-traffic retail space, multiple units available.
      1856 Park Avenue, New York, NY 10035
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      168,208 SF

      East River Plaza: Harlem Medical Office

      Prime Harlem medical space available. Large, flexible floorplans.
      0 Riv Plz, New York, NY 10035
      View Details
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    1800 Park Avenue
    New York, NY 10035
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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
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