Commercial space in the Garment District

New York City's PLUTO tax lot data (26v2) records about 44 million square feet of commercial floor area across 431 properties in the part of the Garment District Leasemark covers, including about 33.2 million square feet of office and about 6.2 million square feet of retail. The largest office building by that measure is 250 West 34th Street, at about 2.3 million square feet. That is the existing building stock, not space currently available.

Six subway stations sit within about 0.5 mi of the Garment District's commercial core, served by the 1, 2, 3, 7, A, B, C, D, E, F, M, N, Q, R, W and S trains. The closest is 34 St-Penn Station (1 2 3), roughly 4 minutes on foot; then 34 St-Penn Station (A C E), Times Sq-42 St (1 2 3 7 N Q R W S A C E), 34 St-Herald Sq (B D F M N Q R W), 42 St-Bryant Pk (B D F M 7) and 28 St (1). Walking times are straight-line estimates from MTA station data.

Four of the six stations within about 0.5 mi of the Garment District's commercial core are fully accessible, per the MTA: 34 St-Penn Station (1 2 3), 34 St-Penn Station (A C E), Times Sq-42 St (1 2 3 7 N Q R W S) and 34 St-Herald Sq (B D F M N Q R W).

The newest sale on record is 242 West 38th Street, which sold in May 2026 for $9 million to 242 WEST 38TH PARTNERS LLC, per the deed recorded with the city. 25 sales, $1.57 billion in all, have been recorded of the large commercial buildings Leasemark tracks in the Garment District since 2016.

See every building sale in the Garment District

On the Department of Finance's 2026/27 assessment roll, the 166 large commercial buildings Leasemark tracks in the Garment District that pay property tax come to a median of about $9.71 per square foot of floor area a year, with the middle half between $7.58 and $13.24. That is the taxable value after exemptions times the Class 4 rate of 10.848% (tax year 2025/26, the latest the city lists), before abatements such as ICAP. The largest estimated bill is One Penn Plaza, 250 West 34th Street, about $43.8 million a year. Many office leases pass a tenant's share of increases over a base year through as additional rent.

How taxes show up in gross and net leases

In the 12 months to October 2026, the Department of Buildings issued first permits for 290 interior build-outs in 82 of the 166 large commercial buildings Leasemark tracks in the Garment District, with work permitted on 462 floors in all. Their filed cost estimates add up to about $237 million. The most were at One Penn Plaza, 250 West 34th Street (36 build-outs). A build-out here is interior work on the same floors (construction, mechanical, plumbing, sprinklers and the like) first permitted within 120 days. New interior work usually follows a lease, so it is a rough sign of where tenants are moving in, but a permit does not say who the work is for.

Build-outs in every NYC neighborhood

Yes, for larger leases. The Garment District is in Manhattan below 96th Street, where the city's Commercial Rent Tax applies. A tenant owes it only when base rent for the space is $250,000 a year or more. The tax is 6% of base rent after a 35% reduction, so 3.9% of rent, with a sliding credit between $250,000 and $300,000, and the Small Business Tax Credit wipes it out for businesses with total income of $5 million or less and base rent under $500,000.

Estimate it with the Commercial Rent Tax calculator

Yes. Posting a space or a requirement is free. Contact details are only shared when both sides accept an intro.