Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    589 8Th Ave New York, NY 10018

    Property Lookup

    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    589 8Th Ave New York, NY 10018

    View on Map
    • Specialty properties
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Javerbaum Wurgaft Hicks Kahn Wikstrom & Sinins, PC / Law Firm
    • Steven C Rauchberg PC / Law Firm
    • KeyMe Locksmiths / Locksmith / (Bike/Boat/Book/etc) Store
    • Haywood-Berk Flooring, Inc. / Carpet & Flooring Store / Hardware & Home Improvement
    • Heiberger & Associates, PC / Law Firm

    Property Details for 589 8Th Ave

    Year built
    1927
    Property type
    Specialty properties
    Property subtype
    Office properties & Spaces

    Description

    This exceptional commercial property, located at 589 8th Avenue in New York City (zip code 10018), offers a unique opportunity to lease prime office space in the heart of Midtown Manhattan. The building, a 23-story Class B structure built in 1927, boasts a total of four available suites ranging from 4,500 to 5,200 square feet. The space is ideal for businesses seeking executive, traditional, or creative office environments, catering to multiple tenants. The building features elevators for convenient access to all floors. Each suite is furnished, pre-wired, and move-in ready, offering a "plug and play" experience for immediate occupancy. Pre-built opportunities are also available, minimizing setup time and costs. This property presents a rare chance to secure prestigious office space in a well-established building within New York County, providing easy access to the city's vibrant business district. The building's classic architecture blends seamlessly with the modern conveniences required for today's businesses. This is an excellent opportunity for companies seeking a sophisticated and efficient workspace in a highly desirable location.

    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
    -73.9914
    Latitude
    40.7553

    Comparable in this City

    • Value Estimation by Request

      589 8Th Ave

      Office Units
      589 8Th Ave, New York, NY 10018
      View Details
    • Value Estimation by Request
      0.16 Acres

      566 7Th Ave

      Schools • 0.16 Acres
      566 7Th Ave, New York, NY 10018
      View Details
    • Value Estimation by Request
      1 SF

      202 40Th St

      Office Units • 1 SF
      202 40Th St, New York, NY 10018
      View Details
    • Value Estimation by Request
      115,763 SF

      327 36Th St

      Office Units • 115,763 SF
      327 36Th St, New York, NY 10018
      View Details
    • Value Estimation by Request
      13,403 SF

      1032 6Th Ave

      Individual retail properties • 13,403 SF
      1032 6Th Ave, New York, NY 10018
      View Details
    • Value Estimation by Request
      55,000 SF

      40 37Th St

      Office Units • 55,000 SF
      40 37Th St, New York, NY 10018
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,758 SF

      High-End Showroom/Office Space

      Showroom/office space with exposed ceilings, brick walls, and wood flooring.
      35 W 36Th St, New York, NY 10018
      View Details
    • Contact for pricing
      5,540 SF

      Column-Free Office Space Available

      5,540 RSF office space near Bryant Park.
      57 W 38Th St, New York, NY 10018
      View Details
    • Contact for pricing
      55,953 SF

      Class A Office Condominium

      Office condominium in Midtown Manhattan near Bryant Park and Amazon HQ.
      420 5Th Ave, New York, NY 10018
      View Details
    • Contact for pricing

      Mixed-Use Property For Sale

      Mixed-use property available for sale in New York, NY.
      34 West 36Th St, New York, NY 10018
      View Details
    • Contact for pricing
      18,000 SF

      Prime Midtown Manhattan Office Building

      18,000 SF Executive Office Space for Sale
      420 5Th Ave, New York, NY 10018
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Bryant Park

      Discover many ways to work your way in Ridgewood Corporate Square
      104 And 500, New York, NY 10018
      View Details
    • Contact for pricing

      Versatile Space in Bushwick, Brooklyn

      Adaptable space suitable for retail, restaurant, medical, or office uses.
      Brooklyn, NY 10018
      View Details
    • Contact for pricing

      Renovated Commercial Space Available

      Commercial space for rent, currently undergoing renovations.
      152 W 36Th St, New York, NY 10018
      View Details
    • Contact for pricing

      Full Floor Office with Terrace

      5,952 RSF office space with private terrace.
      323 W 39Th St, New York, NY 10018
      View Details
    • Contact for pricing

      Midtown Manhattan Office/Showroom Space

      Flexible office and showroom spaces in the Garment District.
      241 W 37Th St, New York, NY 10018
      View Details
    • Contact for pricing

      Dynamite Showroom Near Bryant Park

      Early 1900s structure, ideal showroom with high ceilings and sunlight.
      42 St-Bryant Park Sta, New York, NY 10018
      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.
    589 8Th Ave
    New York, NY 10018
    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

    589 8Th Ave, New York, NY, 10018

    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!