Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    240 1st Ave New York, NY 10009-2601

    Property Lookup

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

    240 1st Ave New York, NY 10009-2601

    View on Map
    • Retail residential properties
    • 8,942,176 SF
    • 61.41 lot acres
    Off-Market
    Property ID
    US63-2291383
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Patricia A. Pape, PSY.D / Physician / Medical Clinic

    Property Details for 240 1st Ave

    Year built
    1945
    Lot size
    61.41 lot acres
    Property size
    8,942,176 SF
    Zone code
    R7-2
    Property type
    Retail residential properties
    APN
    00972-0001
    APU
    9720001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9779
    Latitude
    40.7317
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $84,528,022
    $117,450,000
    $560,360,116
    $677,810,116
    -
    $261,000,000
    $1,241,480,000
    $1,502,480,000

    Comparable in this City

    • Value Estimation
      $3,875,000
      10,386 SF

      109 Saint Marks Pl

      STORES & APARTMENTS • 10,386 SF
      109 Saint Marks Pl, New York, NY 10009-5120
      View Details
    • Value Estimation
      $2,455,000
      6,615 SF

      146-148 1st Ave

      STORES & APARTMENTS • 6,615 SF
      146-148 1st Ave, New York, NY 10009
      View Details
    • Value Estimation
      $4,620,000
      16,326 SF

      540 5th St

      STORES & APARTMENTS • 16,326 SF
      540 5th St, New York, NY 10009-6529
      View Details
    • Value Estimation
      $2,800,000
      7,485 SF

      167 Ave C C

      STORES & APARTMENTS • 7,485 SF
      167 Ave C C, New York, NY 10009-4725
      View Details
    • Value Estimation
      $2,440,000
      8,352 SF

      93 Ave B B

      STORES & APARTMENTS • 8,352 SF
      93 Ave B B, New York, NY 10009-6283
      View Details
    • Value Estimation
      $8,010,000
      22,216 SF

      131-133 Ave A A

      STORES & APARTMENTS • 22,216 SF
      131-133 Ave A A, New York, NY 10009
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,152 SF

      Unique Mixed-Use Property on East 13th

      Free market, mixed-use property with development potential in prime location.
      428 E 13Th St, New York, NY 10009
      View Details
    • Contact for pricing
      1,500 SF

      East Village Mixed-Use Condominium

      11,000 SF mixed-use condominium in East Village, New York.
      229 E 2Nd St, New York, NY 10009
      View Details
    • Contact for pricing
      11,410 SF

      Established Furniture Brand Franchise Opportunity

      Franchise opportunity with international furniture brand in New York.
      s 2 New York Corporate Stores, New York, NY 10009
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,000 SF

      Prime NYC Retail Space Available

      1,000 SF Retail Space - East 3rd St
      214 3Rd St, New York, NY 10009
      View Details
    • Contact for pricing

      Alphabet City Vented Restaurant Space

      Vented restaurant space with patio near Tompkins Square Park.
      105 Avenue B, New York, NY 10009
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in New York, NY.
      271 E 10Th St, New York, NY 10009
      View Details
    • Contact for pricing

      Avenue B Retail Space

      1,000 SF retail space available for immediate occupancy.
      Avenue B, New York, NY 10009
      View Details
    • Contact for pricing
      600 SF

      Move-in Ready Cafe/Wine Bar

      600 SF cafe/wine bar with takeout window in place.
      127 E 7Th St, New York, NY 10009
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space Near Stuyvesant Town

      Retail space for rent near Stuyvesant Town and L Train.
      214 1St Ave, New York, NY 10009
      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.
    240 1st Ave
    New York, NY 10009-2601
    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
    240 1st Ave, New York, NY, 10009
    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!