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Property profile & analytics
OFF-MARKET
Estimated value
$2,105,000
Warehouses
240 Park Ave Sstora New York, NY 10003-1414
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US63-3691042
Property summary
AI-generated overview
This exceptional retail opportunity is located at 240 Park Avenue South in New York City's vibrant Union Square/Flatiron District. The property offers three available spaces ranging from 1,225 to 5,010 square feet, with a minimum divisible space of 2,705 square feet. Currently, 5,010 square feet is vacant and immediately available for occupancy. The space boasts a prime corner location at the intersection of Park Avenue South and 19th Street, providing exceptional visibility and frontage of 72 feet along Park Avenue South. The building features existing bathroom facilities and HVAC systems. All uses are considered. This high-traffic location is surrounded by established businesses, including trendy boutiques, popular restaurants, and cultural attractions, ensuring a constant flow of foot traffic from residents, tourists, and professionals. The property's strategic position within the bustling Union Square/Flatiron district offers unparalleled exposure and accessibility, making it an ideal location for a variety of retail businesses. The address is 240 Park Ave S, New York, NY 10003.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2007
Total area
4,006 SF
Lot
0.18 ac (7,860 SF)
Zoning code
C64A
APN
00848-1301
UPID
US63-3691042
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.06M
Blend (final)
Blend
$2.11M
Owner & transaction history
240 Park Avenue South Owner LP · 13 yrs held
240 Park Avenue South Owner LP
since 2013
3 recorded transactions
Zoning & alternative use
C64A · New York, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.4M
+3.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New York submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New York submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$3,275,000
Current use
COMMERCIAL (GENERAL)
$3,390,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$2.11M
Range $1.89M – $2.32M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$525 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$46,074
Tax year 2024
Assessed value
$434,990
Assessed 2024
Previous assessed
$425,502
+2.2% YoY
Effective rate
10.59%
On assessed value
Assessed land
$47,052
Assessed improvement
$387,938
Land market value
$104,561
Improvement market value
$913,000
Total market value
$1,017,561
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2007
Heating
NONE
Buildings
1
Stories
17
Units
1
Total area
4,006 SF
Lot
0.18 ac (7,860 SF)
Zoning code
C64A
APN
00848-1301
UPID
US63-3691042
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C64A · New York, NY
Zoning C64A · permitted uses
C64A · New York, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
New York. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$3.3M
COMMERCIAL (GENERAL)
Est. value
$3.4M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2007
Heating
NONE
Stories
17
Buildings
1
Units
1
Lot
0.18 ac
Current owner
From public records · entity-resolved
240 Park Avenue South Owner LP
Entity
Mailing address
461 PARK AVE S, NEW YORK, NY 10016-6822
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 6, 2013
—
240 Park Avenue South Owner LP
240 Park Avenue South, L P
Deed
$2,597,713 · Ubs Real Estate Securities
Apr 8, 2008
$3,170,000
Nicole Greene
240 Park Avenue South LP
Deed
—
—
—
240 Park Avenue South Owner LP
—
Deed Of Trust
related
$14,000,000 · Ubs R/e Secs
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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