Midtown Manhattan
Midtown Manhattan submarket primer for institutional principals: how rents and cap rates split between the Plaza District, Grand Central, and Times Square, the Class B 467-m conversion pipeline, and the $135M 6 East 43rd Street trade comp (Vanbarton Group, 441 units, 2025). For Midtown office buildings specifically, see Midtown Office Buildings.
Total Office Inventory
Avg. Class A Rent
Avg. Cap Rate
Vacancy Rate (2024)
Midtown Submarkets
Four sub-corridors, each with its own rents, cap rates, and buyer pool.
Plaza District
Park and Madison Avenues between 49th and 59th Streets. The highest office rents and lowest vacancy in Midtown.
Avg. Rent
$85-$125/SF
Cap Rate
5.0-5.5%
Grand Central
Class A and B office built around the Metro-North, subway, and LIRR hub at Grand Central.
Avg. Rent
$65-$85/SF
Cap Rate
5.5-6.0%
Times Square
Retail at the base, office above, and signage on the facade. Heavy media and entertainment tenancy.
Avg. Rent
$55-$75/SF
Cap Rate
5.5-6.5%
Midtown West
34th to 42nd Street, west of 6th Avenue, next to Hudson Yards. Still filling in, with newer buildings and tech tenants.
Avg. Rent
$60-$80/SF
Cap Rate
5.5-6.0%
Midtown Property Inventory
Class A Office
Avg: 400,000 SF
Class B Office
Avg: 150,000 SF
Mixed-Use
Avg: 250,000 SF
Development Sites
Avg: 100,000 BSF
Recent Midtown Transactions
A sample of the deals we have closed in Midtown.
Midtown Brokerage Services
Off-Market Sales
Confidential marketing to qualified institutional buyers. No public listing, no disruption to your tenants.
Valuations & BOV
Broker opinions of value built on Midtown comps and current cap rates for your building class and block.
467-m Conversions
Advice on whether an office building can convert to residential, with the 467-m abatement modeled.
Midtown Manhattan FAQ
What is the average cap rate for Midtown Manhattan office buildings?
Midtown Manhattan office cap rates usually run 5.0% to 6.5% depending on building class, location, and tenant credit. Plaza District trophy assets trade at 5.0-5.5%. Class B buildings in secondary locations can reach 6.0-6.5%. Cap rates have widened since 2022, and buyers with a plan for the building are finding value.
What are the best Midtown submarkets for office investment?
It depends on the strategy. The Plaza District (Park/Madison between 49th-59th) gets the highest rents and lowest cap rates. Grand Central has value-add buildings with excellent transit. Times Square adds retail and signage income, and Midtown West near Hudson Yards draws tech tenants who want newer space.
Are Midtown office buildings good candidates for residential conversion?
Many pre-1990 Midtown office buildings qualify for NYC's 467-m tax abatement for office-to-residential conversion. What matters most is floor plate size (under 15,000 SF is ideal), window lines, and mechanical systems. We closed the $135M sale of 6 East 43rd Street to Vanbarton for a 441-unit conversion, and we screen Midtown buildings for the same potential.
How do I sell a Midtown office building off-market?
An off-market sale keeps the deal confidential and your tenants undisturbed. We take Midtown buildings directly to qualified institutional buyers, family offices, and REITs, with no public marketing. Call us for a confidential conversation about what your building is worth and who would buy it.
Own a Midtown Building?
Get a confidential valuation and a clear picture of who is buying in Midtown right now. We are in regular contact with the institutional buyers looking for Midtown acquisitions.