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    68 King St New York, NY 10014
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    68 King St New York, NY 10014

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    • Office Spaces
    • 125,900 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • HARBOR / Film Production
    • HARBOR SOUND / Video Editing Service

    Property Details for 68 King St

    Property size
    125,900 SF
    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional 6-story office building at 68-76 King Street in New York City's Hudson Square offers 68,476 square feet of existing space and significant development potential. With 125,900 buildable square feet as-of-right, and multiple avenues to increase the floor area ratio (FAR) through voluntary inclusionary housing and MTA subway bonuses, this property presents a unique opportunity. The building boasts 226 feet of wraparound frontage on King and Varick Streets, providing excellent visibility and access. Its prime location at the nexus of SoHo, Tribeca, and the West Village makes it ideal for various development options, including residential condominiums, rental apartments, or a trophy Class-A office building. Nearby developments by prominent firms like Related, Extell, Toll Brothers, Google, and Disney showcase the area's desirability and potential for high-value projects. This is a rare chance to acquire a substantial property in one of Manhattan's most sought-after neighborhoods. The existing building offers immediate end-user commercial opportunities, while the significant development potential allows for substantial future returns. The property's zoning allows for a buildable square footage ranging from 151,080 to 181,296 square feet, depending on the chosen development strategy. This is a truly remarkable opportunity for investors and developers alike.

    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
    -74.0058
    Latitude
    40.7278

    Comparable in this City

    • Value Estimation by Request
      18,190 SF

      180-184 Christopher St

      MEDICAL CLINIC • 18,190 SF
      180-184 Christopher St, New York, NY 10014
      View Details
    • Value Estimation by Request
      650,000 SF

      55 Bethune St

      Theaters & concert halls • 650,000 SF
      55 Bethune St, New York, NY 10014
      View Details
    • Value Estimation
      $6,790,000
      29,263 SF

      200 Varick St Lbby, Unit 1

      CONDOMINIUM OFFICES • 29,263 SF
      200 Varick St Lbby, New York, NY 10014-4810
      View Details
    • Value Estimation by Request
      331,724 SF

      550 Washington St, Unit B

      CONDOMINIUM OFFICES • 331,724 SF
      550 Washington St, New York, NY 10014-3627
      View Details
    • Value Estimation
      $1,930,000
      9,488 SF

      657 Greenwich St, Unit S1

      CONDOMINIUM OFFICES • 9,488 SF
      657 Greenwich St, New York, NY 10014
      View Details
    • Value Estimation by Request
      4.91 Acres

      550 Washington St, Unit B-2

      CONDOMINIUM OFFICES • 4.91 Acres
      550 Washington St, New York, NY 10014-3627
      View Details

    Similar Nearby for Lease

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      Versatile Office/Religious Space Available

      Second-floor space suitable for office, religious, or creative uses.
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      78,032 SF

      Hudson Street Office Space Available

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      Charlton Street Office Space Available

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    • $7,500 /Mo
      1,000 SF

      West Village Townhouse-Style Duplex

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    68 King St
    New York, NY 10014
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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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