Office building with commercial space · Grand Central, Manhattan
232 Madison Avenue
New York, NY 10016
232 Madison Avenue is a 16-floor office building with commercial space in Grand Central, Manhattan, built in 1925, with about 108,000 square feet of office space according to city records.
Also at 15-17 East 37th Street and 232-234 Madison Avenue.
- Office space
- 108K SF
- Floors
- 16
- Year built
- 1925
- Zoning
- C5-2
The 58th 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 232 Madison Avenue compares
Next to the 6 nearest large office buildings, all within a 1 minute walk, 232 Madison Avenue ranks 2nd of 7 by office floor area. It went up in 1925; the median neighbor dates from 1921. Its estimated property tax, about $14.16 a square foot of floor area before abatements, is above the neighbors' median of $7.68.
| Building | Office space | Floors | Built | Tax / SF | Last sale |
|---|---|---|---|---|---|
| 232 Madison Avenue | 108K SF | 16 | 1925 | $14.16 | n/a |
| 14 East 38th Street | 64K SF | 14 | 1923 | $6.97 | n/a |
| 240 Madison Avenue | 68K SF | 14 | 1925 | $5.98 | n/a |
| 9 East 37th Street | 59K SF | 12 | 1920 | $8.40 | n/a |
| 10 East 38th Street | 50K SF | 11 | 1916 | $6.39 | n/a |
| 415 Fifth Avenue | 246K SF | 11 | 1912 | $14.58 | Jun 2010, $140M |
| 9 East 38th Street | 49K SF | 12 | 1924 | $10.71 | Feb 2013, $29M (2 lots) |
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
- 15-17 East 37th Street; 232-234 Madison Avenue
- ZIP code
- 10016
- Building type
- Office building with commercial space (city class O6)
- Total floor area
- 115,945 SF
- Commercial floor area
- 115,945 SF
- Office
- 108,445 SF
- Retail
- 7,500 SF
- Height
- 16 floors
- Average floor
- About 7,200 SF (floor area divided by floors)
- Year built
- 1925
- Lot area
- 7,735 SF
- Zoning district
- C5-2
- Built FAR
- 14.99
- Max commercial FAR
- 10
- Tax lot (BBL)
- 1008670015
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 storefront registry (Local Law 157)
Storefronts and vacancy
Owners registered 5 storefronts at 232 Madison Avenue for December 31, 2025, the newest annual filing the city has published, and 1 of them stood vacant that day. A year earlier, none of 3 did.
- Storefronts registered for December 31, 2025
- 5
- Vacant that day
- 1
- Share vacant here
- 20.0%
- Share vacant across Grand Central
- 19.7%
- Share vacant along Madison Avenue
- 10.4%
- Share vacant citywide
- 9.2%
Vacant on December 31, by year
Own or lease out a storefront at 232 Madison Avenue? Listing it is free, and it is matched against every active requirement for retail space in Grand Central the day it goes up.
Source: NYC Department of Finance, Storefronts Reported Vacant or Not (Local Law 157), annual filings for 2019 to 2025, pulled 2026-10-16. Owners of buildings with ground- or second-floor storefronts register each one every year with its status on December 31; counts are by tax lot, as the owners filed them. The 2025 filing was due June 1, 2026, so a storefront vacant then may have been leased since. A vacant storefront is not always on the market, and none here is listed on Leasemark unless it shows above.
NYC Department of Finance records
Owner, property tax and assessed value
The Department of Finance lists DASHAL MADISON LLC as the owner of record. For tax year 2026/27 the city values 232 Madison Avenue at $34.6 million and assesses it at $15.6 million. After phase-ins and exemptions its taxable value is $15.1 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 $1.64 million a year before abatements, roughly $14.16 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
- DASHAL MADISON LLC
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $34,594,000
- Land market value
- $11,000,000
- Assessed value
- $15,567,300
- Taxable value (phased in)
- $15,131,920
- Estimated yearly tax
- About $1.64 million
- Tax per SF of floor area
- About $14.16
City market value by tax year
Manage or lease this building? Claim this page. Requests are reviewed by hand.
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.
Own or manage 232 Madison Avenue? List a space here free and we match it against every active requirement. Renting it out yourself? Read the landlord's checklist.
NYC energy benchmarking (Local Law 84)
Energy score, grade and emissions
232 Madison Avenue reported an ENERGY STAR score of 84 out of 100 for 2024 in its Local Law 84 benchmarking filing. Under Local Law 33 that score earns a B (70 to 84). Its site energy use came to 42 kBtu per square foot, 25% below the national median of 56.2 for a similar property. Its greenhouse gas emissions were about 477 metric tons of CO2e (3.82 kg per square foot).
- ENERGY STAR score (2024)
- 84 of 100
- Grade this score earns (Local Law 33)
- B (70 to 84)
- Property type (Portfolio Manager)
- Multifamily Housing
- Site energy use intensity
- 42 kBtu/SF
- National median for the type
- 56.2 kBtu/SF
- Greenhouse gas emissions
- 477 t CO2e
- Emissions per SF
- 3.82 kg CO2e
- Floor area in the filing
- 124,765 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. The grade is the one the filed score earns under the law's cutoffs; the Department of Buildings assigns the grade a building posts, which can differ.
NYC Department of Buildings permits
Work permits and build-outs
The Department of Buildings issued no permits for new jobs at 232 Madison Avenue in the 12 months to October 2026; the last one was first permitted in February 2022.
- New jobs, last 12 months
- 0
- Initial permits, last 12 months
- 0
- Newest job first permitted
- February 2022
- Interior build-outs, last 24 months
- 0
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.
No office space listed in Grand Central yet
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Before you sign
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Questions about 232 Madison Avenue
How big is 232 Madison Avenue?
232 Madison Avenue has about 116,000 square feet of floor area in total, including 108,000 square feet of office and 8,000 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 232 Madison Avenue built?
City records list 1925 as the year built. The building is 16 floors tall.
What other addresses does 232 Madison Avenue have?
City records list 15-17 East 37th Street and 232-234 Madison Avenue on the same tax lot (BBL 1008670015) as 232 Madison Avenue. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 232 Madison Avenue?
232 Madison Avenue is in ZIP code 10016, according to the city's tax lot records (NYC PLUTO 26v2) and the Department of Finance's assessment roll. The full mailing address is 232 Madison Avenue, New York, NY 10016, in Grand Central.
What is the zoning at 232 Madison Avenue?
The lot is in the C5-2 zoning district. PLUTO lists a built floor area ratio (FAR) of 14.99 and a maximum commercial FAR of 10 for this lot.
What subway station is closest to 232 Madison Avenue?
The closest subway station to 232 Madison Avenue is Grand Central-42 St (the 4, 5, 6, 7 and S trains), about 0.2 miles away in a straight line, roughly 5 minutes 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), 6 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 232 Madison Avenue?
The NYC Department of Finance's 2026/27 assessment roll lists DASHAL MADISON LLC as the owner of record of 232 Madison Avenue (BBL 1008670015). 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.
What is the energy grade of 232 Madison Avenue?
232 Madison Avenue reported an ENERGY STAR score of 84 for calendar year 2024 in its Local Law 84 benchmarking filing. Under Local Law 33, as amended by Local Law 95 of 2019, a score of 85 or higher earns an A, 70 to 84 a B, 55 to 69 a C and under 55 a D, so 84 earns a B. The Department of Buildings assigns the grade a building posts, so the posted label can differ if a filing was corrected. Its site energy use came to 42 kBtu per square foot, 25% below the national median of 56.2 for a similar property. Its greenhouse gas emissions were about 477 metric tons of CO2e (3.82 kg per square foot).
Is there construction at 232 Madison Avenue?
The Department of Buildings issued no permits for new jobs at 232 Madison Avenue in the 12 months to October 2026; the last one was first permitted in February 2022. These are the Department of Buildings' DOB NOW work permits for tax lot 1008670015. 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 232 Madison Avenue?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $15.1 million for 232 Madison Avenue. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $1.64 million a year, roughly $14.16 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 1008670015 show the actual bill.
What is the assessed value of 232 Madison Avenue?
For tax year 2026/27, the NYC Department of Finance puts the market value of 232 Madison Avenue at $34.6 million ($11 million of it land) and its assessed value at $15.6 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 6% from 2022/23 ($32.5 million) to 2026/27.
Are there vacant storefronts at 232 Madison Avenue?
Owners registered 5 storefronts at 232 Madison Avenue for December 31, 2025, the newest annual filing the city has published, and 1 of them stood vacant that day. A year earlier, none of 3 did. These are the owners' filings with the Department of Finance under Local Law 157, so a storefront vacant on December 31, 2025 may have been leased since. Owners and brokers can list a storefront on Leasemark for free.
Is there office space for lease at 232 Madison Avenue?
No space at 232 Madison 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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