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Property profile & analytics
OFF-MARKET
Estimated value
$44,475,000
Flex space
611 5th Aveb New York, NY 10022-6813
Entity Owned
Free & Clear
Property ID
US63-3341121
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1923
Total area
377,775 SF
Lot
1.25 ac (54,400 SF)
Zoning code
C5-3
APN
01285-1002
UPID
US63-3341121
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
$46.23M
Blend (final)
Blend
$44.48M
Owner & transaction history
Vornado Realty L.p.
Vornado Realty L.p.
since 2026
Last sale
$43.6M
7 recorded transactions
Zoning & alternative use
C5-3 · New York, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
Blend value · Realmo final
$44.48M
Range $40.03M – $48.92M · ±10% · vs last sale $43.60M (Jun 8 2025)
Last sale anchor
$43.60M
Jun 8 2025
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
$118 / 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
$6,933,296
Tax year 2024
Assessed value
$65,457,856
Assessed 2024
Previous assessed
$68,338,460
-4.2% YoY
Effective rate
10.59%
On assessed value
Assessed land
$29,977,936
Assessed improvement
$35,479,920
Land market value
$66,617,600
Improvement market value
$84,828,100
Total market value
$151,445,700
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1923
Heating
NONE
Stories
38
Units
1
Total area
377,775 SF
Lot
1.25 ac (54,400 SF)
Zoning code
C5-3
APN
01285-1002
UPID
US63-3341121
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C5-3 · New York, NY
Zoning C5-3 · permitted uses
C5-3 · 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.
Building & site characteristics
From public records
Year built
1923
Heating
NONE
Stories
38
Units
1
Lot
1.25 ac
Current owner
From public records · entity-resolved
Vornado Realty L.p.
Entity
Free & Clear · 0 yrs held
Mailing address
750 LEXINGTON AVE FL #28, NEW YORK, NY 10022-9805
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 18, 2026
—
Vornado Realty L.p.
Cdecre, LLC
Deed
—
Sep 8, 2025
$43,600,000
623 Fifth Fee Owner LLC
10 East 50th Street Building Compan
Deed
—
Sep 10, 2019
—
10 E 50th Street Bldg Co LLC
Sb Tower Remainderma LLC
Grant Deed
—
Dec 22, 2014
—
Fifth Avenue Building Co LLC
—
Grant Deed
related
$34,188,386 · Miscellaneous Ins Co
Dec 16, 2014
—
East 50th Street Building 10
Sb Tower Remainderman LLC
Grant Deed
—
Jan 29, 2009
—
10 East 50th St Bldg Co LLC
—
Deed Of Trust
related
$40,000,000 · Principal Life Insurance Co
Aug 7, 1998
$46,229,137
10 East 50th Street Building
Sb Tower Remainderman L L C
Trustees Deed
—
Aug 7, 1998
$500
Sb Tower Remainderman L L C
Sb Tower Operating Company INC
Trustees Deed
related
—
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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