Office building · Grand Central, Manhattan
261 Madison Avenue
New York, NY 10016
261 Madison Avenue is a 27-floor office building in Grand Central, Manhattan, built in 1954, with about 326,000 square feet of office space according to city records.
Also at 21-23 East 38th Street and 249-261 Madison Avenue.
- Office space
- 326K SF
- Floors
- 27
- Year built
- 1954
- Zoning
- C5-3
The 33rd 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 261 Madison Avenue compares
Next to the 6 nearest large office buildings, all within a 1 minute walk, 261 Madison Avenue ranks 2nd of 7 by office floor area. Built in 1954, it is the newest of them. Its estimated property tax, about $13.81 a square foot of floor area before abatements, is above the neighbors' median of $11.56.
| Building | Office space | Floors | Built | Tax / SF | Last sale |
|---|---|---|---|---|---|
| 261 Madison Avenue | 326K SF | 27 | 1954 | $13.81 | n/a |
| 260 Madison Avenue | 481K SF | 22 | 1952 | $12.24 | Dec 2025, $211M |
| 271 Madison Avenue | 99K SF | 21 | 1927 | $10.89 | n/a |
| 270 Madison Avenue | 156K SF | 19 | 1923 | $16.28 | n/a |
| 9 East 38th Street | 49K SF | 12 | 1924 | $10.71 | Feb 2013, $29M (2 lots) |
| 240 Madison Avenue | 68K SF | 14 | 1925 | $5.98 | n/a |
| 273 Madison Avenue | 269K SF | 43 | 1931 | $17.42 | Aug 2016, $273M |
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
- 21-23 East 38th Street; 249-261 Madison Avenue
- ZIP code
- 10016
- Building type
- Office building (city class O4)
- Total floor area
- 383,934 SF
- Commercial floor area
- 383,934 SF
- Office
- 325,956 SF
- Retail
- 40,830 SF
- Height
- 27 floors
- Average floor
- About 14,200 SF (floor area divided by floors)
- Year built
- 1954
- Last major alteration
- 2013
- Lot area
- 23,414 SF
- Zoning district
- C5-3
- Built FAR
- 16.4
- Max commercial FAR
- 15
- Tax lot (BBL)
- 1008680025
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 2 storefronts at 261 Madison Avenue for December 31, 2025, the newest annual filing the city has published, and 1 of them stood vacant that day.
- Storefronts registered for December 31, 2025
- 2
- Vacant that day
- 1
- 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 261 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 261 MADISON AVENUE LLC as the owner of record. For tax year 2026/27 the city values 261 Madison Avenue at $112.2 million and assesses it at $50.5 million. After phase-ins and exemptions its taxable value is $48.9 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 $5.3 million a year before abatements, roughly $13.81 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
- 261 MADISON AVENUE LLC
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $112,188,000
- Land market value
- $33,000,000
- Assessed value
- $50,484,600
- Taxable value (phased in)
- $48,893,760
- Estimated yearly tax
- About $5.3 million
- Tax per SF of floor area
- About $13.81
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 261 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 use and emissions
261 Madison Avenue's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score (the filing does not cover 12 full months of meter data), and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade.
- ENERGY STAR score (2024)
- None given
- Property type (Portfolio Manager)
- Office
- Floor area in the filing
- 361,246 SF
ENERGY STAR score by year
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
The Department of Buildings issued no permits for new jobs at 261 Madison Avenue in the 12 months to October 2026; the last one was first permitted in May 2024. A sidewalk shed permit here is active until November 29, 2026.
- New jobs, last 12 months
- 0
- Initial permits, last 12 months
- 0
- Newest job first permitted
- May 2024
- Interior build-outs, last 24 months
- 0
- Sidewalk shed permit
- Active until Nov 29, 2026
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 261 Madison Avenue
How big is 261 Madison Avenue?
261 Madison Avenue has about 384,000 square feet of floor area in total, including 326,000 square feet of office and 41,000 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 261 Madison Avenue built?
City records list 1954 as the year built, with a major alteration recorded in 2013. The building is 27 floors tall.
What other addresses does 261 Madison Avenue have?
City records list 21-23 East 38th Street and 249-261 Madison Avenue on the same tax lot (BBL 1008680025) as 261 Madison Avenue. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 261 Madison Avenue?
261 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 261 Madison Avenue, New York, NY 10016, in Grand Central.
What is the zoning at 261 Madison Avenue?
The lot is in the C5-3 zoning district. PLUTO lists a built floor area ratio (FAR) of 16.4 and a maximum commercial FAR of 15 for this lot.
What subway station is closest to 261 Madison Avenue?
The closest subway station to 261 Madison Avenue is Grand Central-42 St (the 4, 5, 6, 7 and S trains), about 900 feet away in a straight line, roughly 4 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 261 Madison Avenue?
The NYC Department of Finance's 2026/27 assessment roll lists 261 MADISON AVENUE LLC as the owner of record of 261 Madison Avenue (BBL 1008680025). 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.
Does 261 Madison Avenue have an energy grade?
261 Madison Avenue's 2024 Local Law 84 benchmarking filing got no ENERGY STAR score (the filing does not cover 12 full months of meter data), and Local Law 33 letter grades come from that score, so the filing does not yield an A to D grade.
Is there construction at 261 Madison Avenue?
The Department of Buildings issued no permits for new jobs at 261 Madison Avenue in the 12 months to October 2026; the last one was first permitted in May 2024. A sidewalk shed permit here is active until November 29, 2026. These are the Department of Buildings' DOB NOW work permits for tax lot 1008680025. 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 261 Madison Avenue?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $48.9 million for 261 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 $5.3 million a year, roughly $13.81 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 1008680025 show the actual bill.
What is the assessed value of 261 Madison Avenue?
For tax year 2026/27, the NYC Department of Finance puts the market value of 261 Madison Avenue at $112.2 million ($33 million of it land) and its assessed value at $50.5 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 10% from 2022/23 ($101.9 million) to 2026/27.
Are there vacant storefronts at 261 Madison Avenue?
Owners registered 2 storefronts at 261 Madison Avenue for December 31, 2025, the newest annual filing the city has published, and 1 of them stood vacant that day. 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 261 Madison Avenue?
No space at 261 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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