Office building · Grand Central, Manhattan
501 Fifth Avenue
New York, NY 10017
501 Fifth Avenue is a 21-floor office building in Grand Central, Manhattan, built in 1917, with about 127,000 square feet of office space according to city records.
Also at 2-10 East 42nd Street and 495-501 Fifth Avenue.
- Office space
- 127K SF
- Floors
- 21
- Year built
- 1917
- Zoning
- C5-3
The 54th 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 501 Fifth Avenue compares
Next to the 6 nearest large office buildings, all within a 1 minute walk, 501 Fifth Avenue ranks 6th of 7 by office floor area. It went up in 1917; the median neighbor dates from 1969. Its estimated property tax, about $14.56 a square foot of floor area before abatements, is below the neighbors' median of $22.59.
| Building | Office space | Floors | Built | Tax / SF | Last sale |
|---|---|---|---|---|---|
| 501 Fifth Avenue | 127K SF | 21 | 1917 | $14.56 | n/a |
| 487 Fifth Avenue | 153K SF | 33 | 1971 | $21.04 | n/a |
| 505 Fifth Avenue | 231K SF | 28 | 2004 | $24.13 | n/a |
| 300 Madison Avenue | 1.1M SF | 36 | 2002 | $26.15 | n/a |
| 473 Fifth Avenue | 189K SF | 23 | 1925 | $31.26 | Sep 2011, $144M |
| 5 East 42nd Street | 287K SF | 27 | 1968 | $16.96 | Sep 2025, $135M |
| 511 Fifth Avenue | 121K SF | 17 | 1917 | $13.36 | 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
- 2-10 East 42nd Street; 495-501 Fifth Avenue
- ZIP code
- 10017
- Building type
- Office building (city class O4)
- Total floor area
- 132,961 SF
- Commercial floor area
- 132,961 SF
- Office
- 127,166 SF
- Retail
- 5,795 SF
- Height
- 21 floors
- Average floor
- About 6,300 SF (floor area divided by floors)
- Year built
- 1917
- Lot area
- 7,325 SF
- Zoning district
- C5-3
- Built FAR
- 18.15
- Max commercial FAR
- 15
- Tax lot (BBL)
- 1012760069
Nearest subway
- 5 Av
- Grand Central-42 St
- Times Sq-42 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 8 storefronts at 501 Fifth Avenue for December 31, 2025, the newest annual filing the city has published, and none stood vacant that day. A year earlier, 1 of 8 stood vacant.
- Storefronts registered for December 31, 2025
- 8
- Vacant that day
- 0
- Share vacant here
- 0.0%
- Share vacant across Grand Central
- 19.7%
- Share vacant along Fifth Avenue
- 14.0%
- Share vacant citywide
- 9.2%
Vacant on December 31, by year
Need a storefront in Grand Central? Get matchedNYC storefront vacancy report
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 501 FIFTH AVENUE CO as the owner of record. For tax year 2026/27 the city values 501 Fifth Avenue at $41.8 million and assesses it at $18.8 million. After phase-ins and exemptions its taxable value is $17.8 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 $1.94 million a year before abatements, roughly $14.56 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
- 501 FIFTH AVENUE CO
- Tax class
- Class 4 (commercial and industrial)
- City market value
- $41,774,000
- Land market value
- $13,700,000
- Assessed value
- $18,798,300
- Taxable value (phased in)
- $17,841,410
- Estimated yearly tax
- About $1.94 million
- Tax per SF of floor area
- About $14.56
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.
Own or manage 501 Fifth 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
501 Fifth Avenue reported an ENERGY STAR score of 77 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 78.9 kBtu per square foot, 31% below the national median of 114.2 for a similar property. Its greenhouse gas emissions were about 1,141 metric tons of CO2e (7.27 kg per square foot).
- ENERGY STAR score (2024)
- 77 of 100
- Grade this score earns (Local Law 33)
- B (70 to 84)
- Property type (Portfolio Manager)
- Office
- Site energy use intensity
- 78.9 kBtu/SF
- National median for the type
- 114.2 kBtu/SF
- Greenhouse gas emissions
- 1,141 t CO2e
- Emissions per SF
- 7.27 kg CO2e
- Floor area in the filing
- 156,993 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.
Local Law 97 of 2019, estimated
Local Law 97 emissions limit
At its 2024 energy use, 501 Fifth Avenue comes to about 969 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 1,325 tons for 2024 to 2029 (73% of the limit), so it would owe no penalty. From 2030 the limit drops to 450 tons and the same energy use counts as about 730 tons, about 280 tons over, or an estimated $75,000 a year unless the building cuts its emissions.
- Period
- 2024 to 2029
- Emissions limit
- 1,325 t CO2e
- Estimated emissions
- 969 t CO2e
- Under the limit by
- 357 t CO2e
- Estimated penalty a year
- None
- Period
- 2030 to 2034
- Emissions limit
- 450 t CO2e
- Estimated emissions
- 730 t CO2e
- Over the limit by
- 280 t CO2e
- Estimated penalty a year
- $75,000
Estimated from the owner's 2024 Local Law 84 filing, which reports energy by source and floor area by use: Restaurant 4,410 SF; Office 96,580 SF; Medical Office 28,900 SF; Bank Branch 735 SF; Laboratory 889 SF; Outpatient Rehabilitation/Physical Therapy 2,202 SF; Retail Store 23,277 SF. It applies the coefficients and per-use limits in Department of Buildings rule 1 RCNY 103-14 and Administrative Code 28-320.3.1.1 (as the Department lists them) and the $268 per ton penalty, checked 2026-10-04. It is not the building's Local Law 97 report: that report can count renewable energy credits, solar and storage deductions and, for 2024 and 2025, the law's occupancy group limits where higher, and penalties can be reduced for good faith efforts.
Change these numbers in the Local Law 97 calculator to see what a cut in energy use would do to the penalty.
How Local Law 97 works: who is covered, the 2030 limits and what owners, tenants and buyers should check.
Own or manage 501 Fifth Avenue? List a space here free and we match it against every active requirement.
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 3 jobs at 501 Fifth Avenue. In the last two years, interior work was permitted on 2 floors (floors 19 and 22). The newest build-out, on floor 22, was first permitted in February 2026 (construction, plumbing; filed cost estimate $638,000).
- New jobs, last 12 months
- 3
- Initial permits, last 12 months
- 7
- Newest job first permitted
- April 2026
- Interior build-outs, last 24 months
- 2
- Floors with interior work, last 24 months
- 19 and 22
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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Before you sign
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Questions about 501 Fifth Avenue
How big is 501 Fifth Avenue?
501 Fifth Avenue has about 133,000 square feet of floor area in total, including 127,000 square feet of office and 6,000 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 501 Fifth Avenue built?
City records list 1917 as the year built. The building is 21 floors tall.
What other addresses does 501 Fifth Avenue have?
City records list 2-10 East 42nd Street and 495-501 Fifth Avenue on the same tax lot (BBL 1012760069) as 501 Fifth Avenue. A space listed on Leasemark at any of these addresses shows up on this page.
What is the ZIP code of 501 Fifth Avenue?
501 Fifth 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 501 Fifth Avenue, New York, NY 10017, in Grand Central.
What is the zoning at 501 Fifth Avenue?
The lot is in the C5-3 zoning district. PLUTO lists a built floor area ratio (FAR) of 18.15 and a maximum commercial FAR of 15 for this lot.
What subway station is closest to 501 Fifth Avenue?
The closest subway station to 501 Fifth Avenue is 5 Av (the 7, B, D, F and M trains, connected to 42 St-Bryant Pk), about 400 feet away in a straight line, roughly 2 minutes on foot. Also nearby: Grand Central-42 St (the 4, 5, 6, 7 and S trains), 2 min walk; Times Sq-42 St (the 1, 2, 3, 7, N, Q, R, W, S, A, C and E trains, connected to 42 St-Port Authority Bus Terminal), 7 min walk. Walking times are straight-line estimates; the street route is longer.
Who owns 501 Fifth Avenue?
The NYC Department of Finance's 2026/27 assessment roll lists 501 FIFTH AVENUE CO as the owner of record of 501 Fifth Avenue (BBL 1012760069). Deeds and mortgages for the lot are public in ACRIS, the city's property records system.
What is the energy grade of 501 Fifth Avenue?
501 Fifth Avenue reported an ENERGY STAR score of 77 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 77 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 78.9 kBtu per square foot, 31% below the national median of 114.2 for a similar property. Its greenhouse gas emissions were about 1,141 metric tons of CO2e (7.27 kg per square foot).
Does 501 Fifth Avenue meet Local Law 97?
At its 2024 energy use, 501 Fifth Avenue comes to about 969 metric tons of CO2e a year under Local Law 97's coefficients, against a limit of 1,325 tons for 2024 to 2029 (73% of the limit), so it would owe no penalty. From 2030 the limit drops to 450 tons and the same energy use counts as about 730 tons, about 280 tons over, or an estimated $75,000 a year unless the building cuts its emissions. This is an estimate from the owner's 2024 benchmarking filing using the coefficients and per-use limits in the law and the Department of Buildings rule, at $268 per ton over. It is not the building's Local Law 97 report, which can count credits and deductions this estimate cannot.
Is there construction at 501 Fifth Avenue?
In the 12 months to October 2026, the Department of Buildings issued first permits for 3 jobs at 501 Fifth Avenue. In the last two years, interior work was permitted on 2 floors (floors 19 and 22). The newest build-out, on floor 22, was first permitted in February 2026 (construction, plumbing; filed cost estimate $638,000). These are the Department of Buildings' DOB NOW work permits for tax lot 1012760069. 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 501 Fifth Avenue?
The Department of Finance's 2026/27 assessment roll lists a taxable value of $17.8 million for 501 Fifth Avenue. At the Class 4 rate of 10.848% (tax year 2025/26, the latest rate the Department of Finance lists), that is about $1.94 million a year, roughly $14.56 per square foot of floor area, before abatements such as ICAP. The city's property tax records for BBL 1012760069 show the actual bill.
What is the assessed value of 501 Fifth Avenue?
For tax year 2026/27, the NYC Department of Finance puts the market value of 501 Fifth Avenue at $41.8 million ($13.7 million of it land) and its assessed value at $18.8 million, the 45% of market value the city assesses for Class 4 property. The city's market value rose 1% from 2022/23 ($41.2 million) to 2026/27.
Are there vacant storefronts at 501 Fifth Avenue?
Owners registered 8 storefronts at 501 Fifth Avenue for December 31, 2025, the newest annual filing the city has published, and none stood vacant that day. A year earlier, 1 of 8 stood vacant. These are the owners' filings with the Department of Finance under Local Law 157, so a storefront may have come free since. Owners and brokers can list a storefront on Leasemark for free.
Is there office space for lease at 501 Fifth Avenue?
No space at 501 Fifth 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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