Want · Office
Law firm relocation near Grand Central
Posted by a tenant rep broker · Legal
- Where
- Grand Central, Midtown
- Size
- 7,000 to 10,000 SF
- Budget
- to $110/SF
- Move in
- May 2027
24/7 accessADA accessible
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Office building with commercial space · Grand Central, Manhattan
5 East 38th Street
New York, NY 10016
5 East 38th Street is a 12-floor office building with commercial space in Grand Central, Manhattan, built in 1920, with about 72,000 square feet of office space according to city records.
Also at 6-8 East 39th Street.
- Office space
- 72K SF
- Floors
- 12
- Year built
- 1920
- Zoning
- C5-2.5
The 72nd largest of the 80 office buildings we track in Grand Central. Compare it with 6 neighbors
No space at 5 East 38th Street is listed on Leasemark yet. Own or broker space here? List it free and it is matched against every active requirement the day it goes up, or import a spreadsheet of up to 50 spaces at once.
Compared with its neighbors
How 5 East 38th Street compares
Next to the 6 nearest large office buildings, all within a 1 minute walk, 5 East 38th Street ranks 4th of 7 by office floor area. It went up in 1920; the median neighbor dates from 1921. Its estimated property tax, about $12.12 a square foot of floor area before abatements, is above the neighbors' median of $8.27.
| Building | Office space | Floors | Built | Tax / SF | Last sale |
|---|---|---|---|---|---|
| 5 East 38th Street | 72K SF | 12 | 1920 | $12.12 | May 2006, $26.5M |
| 7 East 38th Street | 76K SF | 12 | 1920 | $4.97 | n/a |
| 437 Fifth Avenue | 64K SF | 11 | 1906 | $9.57 | n/a |
| 260 Madison Avenue | 481K SF | 22 | 1952 | $12.24 | Dec 2025, $211M |
| 14 East 38th Street | 64K SF | 14 | 1923 | $6.97 | n/a |
| 240 Madison Avenue | 68K SF | 14 | 1925 | $5.98 | n/a |
| 415 Fifth Avenue | 246K SF | 11 | 1912 | $14.58 | Jun 2010, $140M |
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 50,000 SF of the building's main use. Walking times are straight-line estimates.
NYC tax lot records
Building facts
- Other address
- 6-8 East 39th Street
- ZIP code
- 10016
- Building type
- Office building with commercial space (city class O6)
- Total floor area
- 82,878 SF
- Commercial floor area
- 82,878 SF
- Office
- 72,492 SF
- Retail
- 10,386 SF
- Height
- 12 floors
- Average floor
- About 6,900 SF (floor area divided by floors)
- Year built
- 1920
- Lot area
- 7,406 SF
- Zoning district
- C5-2.5
- Built FAR
- 11.19
- Max commercial FAR
- 12
- Tax lot (BBL)
- 1008680008
Nearest subway
- Grand Central-42 St
- 5 Av
- 34 St-Herald Sq
Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-09-30; addresses from the Property Address Directory (PAD) 26b; subway stations from the MTA Subway Stations dataset, pulled 2026-10-02. 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 5 East 38th Street for December 31, 2024, the newest annual filing the city has published, and 2 of them stood vacant that day. At least one storefront here has been reported vacant at the end of every year since 2021.
- Storefronts registered for December 31, 2024
- 5
- Vacant that day
- 2
- Share vacant here
- 40.0%
- Share vacant across Grand Central
- 19.2%
- Share vacant citywide
- 8.7%
Vacant on December 31, by year
Own or lease out a storefront at 5 East 38th Street? 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 2024, pulled 2026-10-02. 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 2024 filing was due June 3, 2025, 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 6 EAST 39TH ST. HOLDINGS LLC as the owner of record. For tax year 2026/27 the city values 5 East 38th Street at $22.7 million and assesses it at $10.2 million. After phase-ins and exemptions its taxable value is $9.26 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 million a year before abatements, roughly $12.12 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
- 6 EAST 39TH ST. HOLDINGS LLC
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $22,740,000
- Land market value
- $7,000,000
- Assessed value
- $10,233,000
- Taxable value (phased in)
- $9,259,850
- Estimated yearly tax
- About $1 million
- Tax per SF of floor area
- About $12.12
City market value by tax year
Source: 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 2026-10-02; 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.
NYC property records (ACRIS)
Sales history
5 East 38th Street last sold in May 2006 for $26.5 million, according to the deed recorded with the city. CRAFTSMAN ASSOCIATES sold it to 6 EAST 39TH ST. HOLDINGS LLC. That comes to about $320 per square foot of floor area.
- Last sale (deed date)
- May 15, 2006
- Price
- $26,500,000
- Price per SF of floor area
- About $320
- Seller
- CRAFTSMAN ASSOCIATES
- Buyer
- 6 EAST 39TH ST. HOLDINGS LLC
- Deed recorded
- June 20, 2006
- ACRIS document
- 2006052201130001
Source: NYC Department of Finance, ACRIS, Real Property Master, Legals and Parties, pulled 2026-10-02; 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 score, grade and emissions
5 East 38th Street reported an ENERGY STAR score of 71 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 75.3 kBtu per square foot, 24% below the national median of 99 for a similar property. Its greenhouse gas emissions were about 542 metric tons of CO2e (6.54 kg per square foot).
- ENERGY STAR score (2024)
- 71 of 100
- Grade this score earns (Local Law 33)
- B (70 to 84)
- Property type (Portfolio Manager)
- Office
- Site energy use intensity
- 75.3 kBtu/SF
- National median for the type
- 99 kBtu/SF
- Greenhouse gas emissions
- 542 t CO2e
- Emissions per SF
- 6.54 kg CO2e
- Floor area in the filing
- 82,878 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 2026-10-02; 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 5 East 38th Street in the 12 months to September 2026; the last one was first permitted in September 2025.
- New jobs, last 12 months
- 0
- Initial permits, last 12 months
- 0
- Newest job first permitted
- September 2025
- Interior build-outs, last 24 months
- 0
- Facade and sidewalk jobs, last 24 months
- 2
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 2026-10-02 (permits issued through 2026-09-30). 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.
What a requirement here looks like
No live requirements for office space in Grand Central yet. These labeled examples show what tenants post. List a space in 5 East 38th Street and we match it against every new one automatically.
Before you sign
Plain-English guides to square footage, rent and lease terms in New York, and free calculators to run your own numbers.
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Questions about 5 East 38th Street
How big is 5 East 38th Street?
5 East 38th Street has about 83,000 square feet of floor area in total, including 72,000 square feet of office and 10,000 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 5 East 38th Street built?
City records list 1920 as the year built. The building is 12 floors tall.
What other addresses does 5 East 38th Street have?
City records list 6-8 East 39th Street on the same tax lot (BBL 1008680008) as 5 East 38th Street. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 5 East 38th Street?
5 East 38th Street 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 5 East 38th Street, New York, NY 10016, in Grand Central.
What is the zoning at 5 East 38th Street?
The lot is in the C5-2.5 zoning district. PLUTO lists a built floor area ratio (FAR) of 11.19 and a maximum commercial FAR of 12 for this lot.
What subway station is closest to 5 East 38th Street?
The closest subway station to 5 East 38th Street is Grand Central-42 St (the 4, 5, 6, 7 and S trains), about 950 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), 4 min walk; 34 St-Herald Sq (the B, D, F, M, N, Q, R and W trains), 7 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 5 East 38th Street?
The NYC Department of Finance's 2026/27 assessment roll lists 6 EAST 39TH ST. HOLDINGS LLC as the owner of record of 5 East 38th Street (BBL 1008680008). 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 5 East 38th Street last sold?
5 East 38th Street last sold in May 2006 for $26.5 million, according to the deed recorded with the city. CRAFTSMAN ASSOCIATES sold it to 6 EAST 39TH ST. HOLDINGS LLC. That comes to about $320 per square foot of floor area. The deed is ACRIS document 2006052201130001 (BBL 1008680008) 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.
What is the energy grade of 5 East 38th Street?
5 East 38th Street reported an ENERGY STAR score of 71 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 71 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 75.3 kBtu per square foot, 24% below the national median of 99 for a similar property. Its greenhouse gas emissions were about 542 metric tons of CO2e (6.54 kg per square foot).
Is there construction at 5 East 38th Street?
The Department of Buildings issued no permits for new jobs at 5 East 38th Street in the 12 months to September 2026; the last one was first permitted in September 2025. These are the Department of Buildings' DOB NOW work permits for tax lot 1008680008. 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 5 East 38th Street?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $9.26 million for 5 East 38th Street. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $1 million a year, roughly $12.12 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 1008680008 show the actual bill.
What is the assessed value of 5 East 38th Street?
For tax year 2026/27, the NYC Department of Finance puts the market value of 5 East 38th Street at $22.7 million ($7 million of it land) and its assessed value at $10.2 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 3% from 2022/23 ($22 million) to 2026/27.
Are there vacant storefronts at 5 East 38th Street?
Owners registered 5 storefronts at 5 East 38th Street for December 31, 2024, the newest annual filing the city has published, and 2 of them stood vacant that day. At least one storefront here has been reported vacant at the end of every year since 2021. These are the owners' filings with the Department of Finance under Local Law 157, so a storefront vacant on December 31, 2024 may have been leased since. Owners and brokers can list a storefront on Leasemark for free.
Is there office space for lease at 5 East 38th Street?
No space at 5 East 38th Street 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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