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Property profile & analytics
FOR LEASE
Office buildings
40 Fulton St, New York, NY 10038
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US63-3116078
For Lease
1 / 7
Contact for pricing
40 Fulton St, New York, NY 10038
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Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1987
Total area
234,553 SF
Lot
0.27 ac (11,828 SF)
Zoning code
C6-4
APN
00075-0021
UPID
US63-3116078
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
Current use
Occupant on record · Public records
-
The Oshman Firm Law Firm
-
Safety National Insurance Agency
-
The Becker Law Firm Law Firm
-
American Geriatrics Society Charitable Organization Social Service Agency
-
Health Concepts Partners Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$120.53M
Comparable Approach
Comparable
$125.10M
Blend (final)
Blend
$106.12M
Owner & transaction history
Fulton & Pearl Holding LLC · 3 yrs held
Fulton & Pearl Holding LLC
since 2022
Last sale
$101.0M
3 recorded transactions
Zoning & alternative use
C6-4 · New York, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$170.0M
+13.4%
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
$82,955,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$130,570,000
6.5%
$120,525,000
7%
$111,915,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$149,825,000
Current use
COMMERCIAL (GENERAL)
$169,960,000
Change: +13% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$126,915,000
Change: -15% · Conversion: Easy
Blend value · Realmo final
$106.12M
Range $95.50M – $116.73M · ±10% · vs last sale $101.00M (Dec 28 2022)
Last sale anchor
$101.00M
Dec 28 2022
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
$452 / 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
$1,862,225
Tax year 2024
Assessed value
$17,581,427
Assessed 2024
Previous assessed
$14,839,650
+18.5% YoY
Effective rate
10.59%
On assessed value
Assessed land
$4,545,000
Assessed improvement
$13,036,427
Land market value
$10,100,000
Improvement market value
$29,064,000
Total market value
$39,164,000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1987
Heating
NONE
Buildings
1
Stories
28
Units
34
Total area
234,553 SF
Lot
0.27 ac (11,828 SF)
Zoning code
C6-4
APN
00075-0021
UPID
US63-3116078
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C6-4 · New York, NY
Zoning C6-4 · permitted uses
C6-4 · 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
OFFICE BUILDING Current
Est. value
$149.8M
COMMERCIAL (GENERAL)
Est. value
$170.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$126.9M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
1987
Heating
NONE
Stories
28
Buildings
1
Units
34
Lot
0.27 ac
Current owner
From public records · entity-resolved
Fulton & Pearl Holding LLC
Entity
Mailing address
780 3RD AVE, NEW YORK, NY 10017-2024
Ownership since
2022
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
Dec 28, 2023
—
40 Fulton Holdings LLC
—
Deed
related
$15,220,914 · Deutsche Bank Ag, New York Branch
Dec 28, 2022
$101,000,000
Fulton & Pearl Holding LLC
40 Fulton Street LLC
Deed
$45,000,000 · Umb Bank, N.a., As Trustee
Dec 28, 2022
—
40 Fulton Holdings LLC
—
Deed
related
$25,000,000 · Bank Of New Hampshire
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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