$3,500,000
8 bd · 7 ba · 4,500 sqft
242 E 40th St, Manhattan, NY 10016
Multi-family · Built 1920 · $778/sqft ·
$24,631/mo est. payment
About this home
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.
Facts and features
Bedrooms
- Bedrooms: 8
Other Rooms
- Total Rooms: 10
Bathrooms
- Total Bathrooms: 7
- Full Bathrooms: 7
Interior Features
- Total Floors in Building: 5
Other Property Info
- Source Listing Status: for sale
- Availability Date: 2026-09-30
- Source Property Type: resale
- Source Neighborhood: Murray Hill
- Property Subtype: multi-family
Building and Construction
- Total Square Feet Living: 4500
- Year Built: 1920
- Property Age: 106
- Prewar: Yes
Schools
- 5
Ps 116 Mary Lindley Murray
elementary · K-6 · 0.3 mi
- 8
Jhs 104 Simon Baruch
middle · 6-8 · 1.0 mi
- 7
The Clinton School
middle · 6-12 · 1.3 mi
Lyceum Kennedy French American School
elementary · K-12 · 0.2 mi
Lyceum Kennedy Japanese School
elementary · PK-12 · 0.2 mi
Aaron School
elementary · K-12 · 0.3 mi
Price history
- Oct 5, 2026 · Listed$3,500,000
- Jun 1, 2026 · Listing Removed$4,289,000
- May 4, 2024 · Listing Removed$4,289,000
- Aug 31, 2022 · Listing Removed$6,790,000
- Feb 3, 2016 · Listing Removed$3,250
- Dec 28, 2015 · Listed For Rent$3,250
- May 18, 1983 · Sold$500,000
Tax history
- 2026$82,085 tax · $1,532,700 assessed
- 2025$76,377 tax · $1,532,700 assessed
- 2024$70,731 tax · $1,453,500 assessed
- 2023$69,401 tax · $1,487,700 assessed
- 2022$67,075 tax · $1,611,450 assessed
- 2021$62,269 tax · $1,289,250 assessed
- 2020$58,625 tax · $1,456,200 assessed
- 2019$60,068 tax · $1,352,520 assessed
Where it is
Listed by Troy Gordon · Compass · Compass
