Office building · Grand Central, Manhattan
118 Park Avenue
New York, NY 10017
118 Park Avenue is a 26-floor office building in Grand Central, Manhattan, built in 1981, with about 581,000 square feet of office space according to city records.
Also at 57-63 East 41st Street, 74-88 East 42nd Street and 118-132 Park Avenue.
- Office space
- 581K SF
- Floors
- 26
- Year built
- 1981
- Zoning
- C5-3
The 21st largest of the 83 office buildings we track in Grand Central. Compare it with 6 neighbors
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Compared with its neighbors
How 118 Park Avenue compares
Next to the 6 nearest large office buildings, all within a 1 minute walk, 118 Park Avenue ranks 3rd of 7 by office floor area. Built in 1981, it is the newest of them. Its estimated property tax, about $20.36 a square foot of floor area before abatements, is above the neighbors' median of $16.78.
| Building | Office space | Floors | Built | Tax / SF | Last sale |
|---|---|---|---|---|---|
| 118 Park Avenue | 581K SF | 26 | 1981 | $20.36 | Mar 2008, $526M |
| One Grand Central Place, 60 East 42nd Street | 1.1M SF | 55 | 1929 | $13.72 | Oct 2013, $318M (2 lots) |
| Pershing Square Building, 125 Park Avenue | 498K SF | 24 | 1923 | $22.28 | Aug 2010, $330M |
| 100 Park Avenue | 757K SF | 36 | 1950 | $17.88 | n/a |
| 50 East 42nd Street | 116K SF | 27 | 1917 | $11.91 | n/a |
| 295 Madison Avenue | 289K SF | 45 | 1929 | $15.67 | Aug 2013, $213M |
| Bowery Savings Bank Building, 110 East 42nd Street | 188K SF | 18 | 1921 | $21.51 | n/a |
Sources: NYC Department of City Planning, PLUTO 26v2 for size, floors and year built; NYC Department of Finance 2026/27 roll for tax (taxable value times the class rate, before abatements, over the whole floor area); ACRIS for the last deed that moved the whole lot for a real price (a price for several lots is their combined price; condominiums sell by the unit and show n/a). Large means at least 35,000 SF of the building's main use. Walking times are straight-line estimates.
NYC tax lot records
Building facts
- Other addresses
- 57-63 East 41st Street; 74-88 East 42nd Street; 118-132 Park Avenue
- ZIP code
- 10017
- Building type
- Office building (city class O4)
- Total floor area
- 600,000 SF
- Commercial floor area
- 600,000 SF
- Office
- 581,357 SF
- Retail
- 900 SF
- Height
- 26 floors
- Average floor
- About 23,100 SF (floor area divided by floors)
- Year built
- 1981
- Last major alteration
- 2017
- Lot area
- 20,737 SF
- Zoning district
- C5-3
- Built FAR
- 28.93
- Max commercial FAR
- 15
- Tax lot (BBL)
- 1012760033
Nearest subway
- Grand Central-42 St
- 5 Av
- 33 St
Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-10-16; addresses from the Property Address Directory (PAD) 26b; subway stations from the MTA Subway Stations dataset, pulled 2026-10-16. Floor areas are the city's estimates for the whole building, not available space. Walking times are straight-line estimates. How we build these pages. Something wrong on this page? Tell us.
NYC Department of Finance records
Owner, property tax and assessed value
The Department of Finance lists 120 PARK AVENUE ASSOCIATES LLC as the owner of record. For tax year 2026/27 the city values 118 Park Avenue at $250.3 million and assesses it at $112.6 million. After phase-ins and exemptions its taxable value is $112.6 million; at the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists) that comes to about $12.2 million a year before abatements, roughly $20.36 per square foot of floor area. Commercial leases here often pass a tenant's share of tax increases over a base year through as additional rent.
- Owner of record
- 120 PARK AVENUE ASSOCIATES LLC
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $250,252,000
- Land market value
- $31,900,000
- Assessed value
- $112,613,400
- Estimated yearly tax
- About $12.2 million
- Tax per SF of floor area
- About $20.36
City market value by tax year
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How to find who owns any NYC buildingSource: NYC Department of Finance, Property Valuation and Assessment Data (2026/27 roll; owner names as the roll records them, which cuts some long names short), pulled 2026-10-16; tax rate from the Department of Finance tax rates page, checked 2026-09-28. The estimate is the taxable value times the class rate. It leaves out abatements, payment-in-lieu-of-taxes agreements and charges, so the actual bill can differ.
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NYC property records (ACRIS)
Sales history
118 Park Avenue last sold in March 2008 for $525.8 million, according to the deed recorded with the city. ALTRIA GROUP, INC. sold it to 120 PARK AVENUE ASSOCIATES LLC.
- Last sale (deed date)
- March 25, 2008
- Price
- $525,814,732
- Seller
- ALTRIA GROUP, INC.
- Buyer
- 120 PARK AVENUE ASSOCIATES LLC
- Deed recorded
- March 31, 2008
- ACRIS document
- 2008032700916001
Source: NYC Department of Finance, ACRIS, Real Property Master, Legals and Parties, pulled 2026-10-16; prices as the deeds state them, names as recorded (companies and public bodies only). Shown are deeds that move the whole lot for a real price. Transfers between related companies for a nominal sum, sales of partial interests, land sales before the building went up and sales of the company that owns a building are left out.
NYC energy benchmarking (Local Law 84)
Energy use and emissions
118 Park Avenue's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score (too much of the floor area is classed as other uses), and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade. Its site energy use came to 103.2 kBtu per square foot, 2.7 times the national median of 38 for a similar property. Its greenhouse gas emissions were about 6,216 metric tons of CO2e (10.45 kg per square foot).
- ENERGY STAR score (2024)
- None given
- Property type (Portfolio Manager)
- Mixed Use Property
- Site energy use intensity
- 103.2 kBtu/SF
- National median for the type
- 38 kBtu/SF
- Greenhouse gas emissions
- 6,216 t CO2e
- Emissions per SF
- 10.45 kg CO2e
- Floor area in the filing
- 594,830 SF
ENERGY STAR score by year
Energy sources in 2024
Source: NYC Department of Buildings and Mayor's Office of Climate and Environmental Justice, NYC Building Energy and Water Data Disclosure for Local Law 84 (2024 filing), pulled 2026-10-16; grade cutoffs from the Department of Buildings energy grades page. Figures are as the owner filed them in ENERGY STAR Portfolio Manager.
NYC Department of Buildings permits
Work permits and build-outs
In the 12 months to October 2026, the Department of Buildings issued first permits for 8 jobs at 118 Park Avenue. In the last two years, interior work was permitted on 7 floors (floors 1, 4 to 7, 13 and 26 and the sub-cellar). The newest build-out, on floor 1, was first permitted in September 2026 (construction; filed cost estimate $1.2 million).
- New jobs, last 12 months
- 8
- Initial permits, last 12 months
- 19
- Newest job first permitted
- October 2026
- Interior build-outs, last 24 months
- 9
- Floors with interior work, last 24 months
- 1, 4 to 7, 13 and 26, sub-cellar
- Facade and sidewalk jobs, last 24 months
- 2
Recent build-outs
New jobs by year
Build-outs across Grand CentralWhere NYC offices are being built out
Source: NYC Department of Buildings, DOB NOW: Build Approved Permits, pulled 2026-10-24 (permits issued through 2026-10-22). A job counts once, when its first permit is issued; renewals are not new work. A build-out groups jobs on the same floors first permitted within 120 days of each other. Costs are the estimates filed with the jobs. Jobs filed before DOB NOW (in the older BIS system) are not counted. A permit is approval to do the work; it does not say who the work is for or whether it is finished.
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Questions about 118 Park Avenue
How big is 118 Park Avenue?
118 Park Avenue has about 600,000 square feet of floor area in total, including 581,000 square feet of office and 1,000 square feet of retail, according to NYC PLUTO 26v2. These are the city's estimates for the whole building, not space that is available.
When was 118 Park Avenue built?
City records list 1981 as the year built, with a major alteration recorded in 2017. The building is 26 floors tall.
What other addresses does 118 Park Avenue have?
City records list 57-63 East 41st Street, 74-88 East 42nd Street and 118-132 Park Avenue on the same tax lot (BBL 1012760033) as 118 Park Avenue. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 118 Park Avenue?
118 Park Avenue is in ZIP code 10017, according to the city's tax lot records (NYC PLUTO 26v2) and the Department of Finance's assessment roll. The full mailing address is 118 Park Avenue, New York, NY 10017, in Grand Central.
What is the zoning at 118 Park Avenue?
The lot is in the C5-3 zoning district. PLUTO lists a built floor area ratio (FAR) of 28.93 and a maximum commercial FAR of 15 for this lot.
What subway station is closest to 118 Park Avenue?
The closest subway station to 118 Park Avenue is Grand Central-42 St (the 4, 5, 6, 7 and S trains), about 400 feet away in a straight line, roughly 1 minute on foot. The MTA lists it as an accessible station. Also nearby: 5 Av (the 7, B, D, F and M trains, connected to 42 St-Bryant Pk), 5 min walk; 33 St (the 6 train), 9 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 118 Park Avenue?
The NYC Department of Finance's 2026/27 assessment roll lists 120 PARK AVENUE ASSOCIATES LLC as the owner of record of 118 Park Avenue (BBL 1012760033). Big buildings are usually held through a company set up for that one property, so the name on the roll can differ from the landlord's brand or the managing agent. Deeds and mortgages for the lot are public in ACRIS, the city's property records system.
When was 118 Park Avenue last sold?
118 Park Avenue last sold in March 2008 for $525.8 million, according to the deed recorded with the city. ALTRIA GROUP, INC. sold it to 120 PARK AVENUE ASSOCIATES LLC. The deed is ACRIS document 2008032700916001 (BBL 1012760033) in the city's property records. A sale of the company that owns a building is not recorded as a deed, so it would not show there.
Does 118 Park Avenue have an energy grade?
118 Park Avenue's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score (too much of the floor area is classed as other uses), and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade. Its site energy use came to 103.2 kBtu per square foot, 2.7 times the national median of 38 for a similar property. Its greenhouse gas emissions were about 6,216 metric tons of CO2e (10.45 kg per square foot).
Is there construction at 118 Park Avenue?
In the 12 months to October 2026, the Department of Buildings issued first permits for 8 jobs at 118 Park Avenue. In the last two years, interior work was permitted on 7 floors (floors 1, 4 to 7, 13 and 26 and the sub-cellar). The newest build-out, on floor 1, was first permitted in September 2026 (construction; filed cost estimate $1.2 million). These are the Department of Buildings' DOB NOW work permits for tax lot 1012760033. A permit is approval to do the work; it does not say who the work is for or whether it is finished.
What are the property taxes at 118 Park Avenue?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $112.6 million for 118 Park Avenue. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $12.2 million a year, roughly $20.36 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 1012760033 show the actual bill.
What is the assessed value of 118 Park Avenue?
For tax year 2026/27, the NYC Department of Finance puts the market value of 118 Park Avenue at $250.3 million ($31.9 million of it land) and its assessed value at $112.6 million, the 45% of market value the city assesses for Class 4 property. The city's market value fell 8% from 2022/23 ($273.1 million) to 2026/27.
Is there office space for lease at 118 Park Avenue?
No space at 118 Park Avenue is listed on Leasemark right now. Owners and brokers can list space here for free, and tenants can post a requirement to be matched when space opens up.
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