8 Beds
7 Baths
4,500 sqft
$3,500,000
242 E 40th Street, New York City NY, 10016
Price per sqft$777.78
Built in1920
Property size4,500 sqft
Property typeResidential
Overview
Active
Listed Oct 5, 2026
Updated 5h ago
242 East 40th Street | Murray Hill | $3,500,000
A prewar (1920) five-story mixed-use building between Second and Third Avenues, a short walk from Grand Central and the 4/5/6/7 trains.
• Size (per PropertyShark): About 4,498 SF built, on an 18' × 53' footprint across 5 stories, including the ground-floor retail. The lot is 18' × 99'.
• Pricing : $778/SF on 4,498 SF built, or $264 per buildable SF on 13,282 SF, both per PropertyShark.
• Units : 8 Units total. 7 residential units plus a ground-floor restaurant, 100% occupied. Floors 1–3 each have a studio and a one-bedroom, and the top floor is a two-bedroom.
• Rent status : 5 of the residential units are free market and 2 are rent-stabilized. Commercial rented.
• Income: About $203,000 in current NOI, roughly a 5.8% cap rate at asking. Units are separately metered for electric, which tenants pay, and the restaurant covers part of the real estate taxes.
• Zoning : C1-9 / R10.
• Development upside: 13,282 SF maximum buildable, per PropertyShark. That leaves about 8,784 SF of unused development rights, subject to architect confirmation.
Stable income today, with room to grow later. Rent roll and operating statement available on request.
$23,286/mo
Est. mortgage payment based on a $3,500,000 home price.
All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.
Additional information
- MLS® ID
- RLS20119220
Interior Features
- Bedrooms
- 8
- Bathrooms
- 7
- Heating
- Yes
- Basement
- Yes
Exterior Features
- Lot Size
- 0.04 Acres
Other Property Details
- Taxes
- $77,765
- Tax Frequency
- Annually
- HOA Frequency
- Monthly
Listing Courtesy of Compass - Troy Nathan Kenneth Gordon
Listing information for certain New York City properties provided courtesy of the Real Estate Board of New York’s Residential Listing Service (the “RLS”). The information contained in this listing has not been verified by the RLS and should be verified by the consumer. The listing information provided here is for the consumer’s personal, non-commercial use. Retransmission, redistribution or copying of this listing information is strictly prohibited except in connection with a consumer's consideration of the purchase and/or sale of an individual property. This listing information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., all rights reserved. This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved
RLS Data display by SERHANT. Data last updated on 10/5/2026 at 3:52 PM UTC
