Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3 Hanover Sq New York, NY 10004
    Back to Search
    Property profile & analytics

    3 Hanover Sq New York, NY 10004

    View on Map
    • Retail properties & Spaces
    • 7,323 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • F & X Painting Lower Manhattan / Painting Service / General Contractor
    • Meridian Equity Partners / Business Management Consultant
    • Telecom One / Telecommunications Service
    • Bruce Carmel Consulting / Consultant
    • Accutrol Inc / Association Or Organization

    Property Details for 3 Hanover Sq

    Property size
    7,323 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional retail property, located at 3 Hanover Square in New York City's vibrant financial district (zip code 10004), offers a total of 7,323 square feet of leasable space. Currently entirely vacant, this presents a unique opportunity for a single tenant seeking a large footprint or multiple businesses looking for individual spaces. The property is classified as Commercial Retail with multiple tenancy options. Individual units range from a minimum of 828 square feet to a maximum contiguous space of 5,619 square feet, providing flexibility for various business needs. The building's location in New York County offers unparalleled access to a high-density population and significant foot traffic, making it an ideal location for a variety of retail businesses. This prime location within New York City ensures high visibility and accessibility for potential customers. The property is ready for immediate occupancy, allowing for a swift and efficient start to your business operations. With its versatile layout and strategic location, this property represents a compelling investment opportunity in one of the world's most dynamic commercial markets. Contact us today to learn more about leasing options and explore the possibilities this exceptional space offers.

    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
    -74.0097
    Latitude
    40.705

    Comparable in this City

    • Value Estimation by Request
      2,216 SF

      44 Exchange Pl

      Individual retail properties • 2,216 SF
      44 Exchange Pl, New York, NY 10004
      View Details
    • Value Estimation by Request
      10,000 SF

      75 Little West St

      Retail properties & Spaces • 10,000 SF
      75 Little West St, New York, NY 10004
      View Details
    • Value Estimation by Request
      1,715 SF

      48 Pearl St

      Retail properties & Spaces • 1,715 SF
      48 Pearl St, New York, NY 10004
      View Details
    • Value Estimation by Request
      20,835 SF

      50 Broad St

      Office properties & Spaces • 20,835 SF
      50 Broad St, New York, NY 10004
      View Details
    • Value Estimation by Request
      5,800 SF

      57 Stone St

      Mixed-use properties • 5,800 SF
      57 Stone St, New York, NY 10004
      View Details
    • Value Estimation by Request
      345,540 SF

      52-56 Broadway

      FINANCIAL BUILDING • 345,540 SF
      52-56 Broadway, New York, NY 10004
      View Details

    Similar Nearby for Sale

    • $2,500,000

      Retail Condominium on Broad Street

      Retail condominium with ground level and mezzanine space in Manhattan.
      33 Broad St, New York, NY 10004
      View Details
    • Contact for pricing

      Prime Block-Through Development Site

      Flexible zoning and convenient accessibility in New York, NY.
      44-46 Water St, New York, NY 10004
      View Details
    • Contact for pricing
      5,800 SF

      Historic Mixed-Use Building Investment

      Mixed-use building with office and commercial space for sale.
      57 Stone St, New York, NY 10004
      View Details
    • Contact for pricing
      6,192 SF

      Downtown Office Building For Sale

      Office building with 6,192 square feet of space.
      40 Broad St, New York, NY 10004
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,511 SF

      Retail Space in New York

      Retail space available for lease in New York, NY.
      25 Broad St, New York, NY 10004
      View Details
    • Contact for pricing
      3,296 SF

      Retail Space in Financial District

      Retail space available in the heart of the Financial District.
      80 Broad St, New York, NY 10004
      View Details
    • Contact for pricing
      800 SF

      Retail Space in High-Traffic Area

      Turn-key salon spaces available near new residential development.
      28 Water St, New York, NY 10004
      View Details
    • Contact for pricing
      870 SF

      Prime Retail Space in Manhattan

      Retail space for lease in the Financial District.
      85 Broad St, New York, NY 10004
      View Details
    • Contact for pricing
      3,296 SF

      Retail Space in New York

      Retail space available for lease in New York, NY.
      80 Broad St, New York, NY 10004
      View Details
    • Contact for pricing
      1,500 SF

      Corner Retail Space in Tribeca

      Prime corner retail space in Tribeca's established corridor.
      15 Greenwich St, New York, NY 10004
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3 Hanover Sq
    New York, NY 10004
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3 Hanover Sq, New York, NY, 10004
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!