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    247 W 37Th St New York, NY 10016

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    247 W 37Th St New York, NY 10016

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    • Banks
    • 214,130 SF
    • 0.34 lot acres
    For Lease
    $39,350,000
    View Listing →
    Garment District Office/Retail Space For Lease
    $39,350,000
    5,176 SF

    Garment District Office/Retail Space

    Renovated office/retail space in the heart of the Garment District.

    247 W 37th St, New York, NY
    View Listing
    Property ID
    US63-1876546
    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

    • Bureau Veritas Consumer Products Services, Inc. / Engineering Consultant / Professional Services
    • Parchment Paper / (Bike/Boat/Book/etc) Store / Printing Service
    • Jazz Foundation of America / Charitable Organization / Social Service Agency
    • Moon Fabrics Inc / (Bike/Boat/Book/etc) Store
    • Volare New York / Fur Service / Clothing Wholesaler

    Property Details for 247 W 37Th St

    Year built
    1924
    Lot size
    0.34 lot acres
    Property size
    214,130 SF
    Zone code
    M1-6
    Property type
    Banks
    APN
    00787-0011
    APU
    7870011

    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
    -73.9912
    Latitude
    40.754
    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
    $1,517,553
    $1,746,000
    $12,581,351
    $14,327,351
    -
    $3,880,000
    $28,690,000
    $32,570,000

    Comparable in this City

    • Value Estimation
      $19,280,000
      69,701 SF

      20-24 37th St

      FINANCIAL BUILDING • 69,701 SF
      20-24 37th St, New York, NY 10018
      View Details
    • Value Estimation
      $27,070,000
      140,898 SF

      49 37th St, Unit 57

      FINANCIAL BUILDING • 140,898 SF
      49 37th St, New York, NY 10018-6216
      View Details
    • Value Estimation by Request
      66,577 SF

      42-46 38th St

      FINANCIAL BUILDING • 66,577 SF
      42-46 38th St, New York, NY 10018
      View Details
    • Value Estimation by Request
      65,240 SF

      21-23 38th St

      FINANCIAL BUILDING • 65,240 SF
      21-23 38th St, New York, NY 10018
      View Details
    • Value Estimation
      $32,855,000
      112,120 SF

      8 38th St, Unit 16

      FINANCIAL BUILDING • 112,120 SF
      8 38th St, New York, NY 10018-6229
      View Details
    • Value Estimation by Request
      114,421 SF

      51-57 39th St

      FINANCIAL BUILDING • 114,421 SF
      51-57 39th St, New York, NY 10018
      View Details

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      309,703 SF

      Prime Retail Space in New York

      Recently renovated retail space near Hudson Yards and Times Square.
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      5,900 SF

      Prime Retail/Medical/Showroom Opportunity

      3500 SF retail space with basement and mezzanine.
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      28,000 SF

      28,000 SF Office Building

      Office building for sale with retail tenant in place.
      384 5Th Ave, New York, NY 10018
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    Similar Nearby for Lease

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      1,000 SF

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      Retail space for rent, near Bryant Park and subway.
      1020 6Th Ave, New York, NY 10018
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      906 SF

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      3,600 SF

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      Vented retail space with high ceilings near Bryant Park.
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      8,100 SF

      Prime Retail Space Near Port

      Lower level retail space suitable for entertainment or restaurant.
      601 8Th Ave, New York, NY 10018
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      2,500 SF

      Retail Space Near Port Authority

      Retail space available near Port Authority with high foot traffic.
      527 9Th Ave, New York, NY 10018
      View Details
    • Contact for pricing
      12,722 SF

      Prime Herald Square Retail Space

      Retail space in high-traffic Herald Square location.
      1370 Broadway, New York, NY 10018
      View Details
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    247 W 37Th St
    New York, NY 10016
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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.

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    247 W 37Th St, New York, NY, 10016

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