Commercial space in Grand Central

New York City's PLUTO tax lot data (26v2) records about 35 million square feet of commercial floor area across 182 properties in the part of Grand Central Leasemark covers, including about 32.2 million square feet of office and about 1.8 million square feet of retail. The largest office building by that measure is 51 East 42nd Street, at about 1.6 million square feet. That is the existing building stock, not space currently available.

Four subway stations sit within about 0.5 mi of Grand Central's commercial core, served by the 4, 5, 6, 7, B, D, E, F, M and S trains. The closest is Grand Central-42 St (4 5 6 7 S), roughly 1 minute on foot; then 5 Av (7 B D F M), 51 St (6 E F) and 47-50 Sts-Rockefeller Ctr (B D F M). Walking times are straight-line estimates from MTA station data.

Three of the four stations within about 0.5 mi of Grand Central's commercial core are fully accessible, per the MTA: Grand Central-42 St (4 5 6 7 S), 51 St (6) and 47-50 Sts-Rockefeller Ctr (B D F M).

The newest sale on record is 260 Madison Avenue, which sold in December 2025 for $211.2 million to AM 260 MADISON LLC, per the deed recorded with the city. 24 sales, $7.27 billion in all, have been recorded of the large commercial buildings Leasemark tracks in Grand Central since 2016.

See every building sale in Grand Central

On the Department of Finance's 2026/27 assessment roll, the 82 large commercial buildings Leasemark tracks in Grand Central that pay property tax come to a median of about $15.58 per square foot of floor area a year, with the middle half between $12.30 and $20.24. 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 Vanderbilt Avenue, 51 East 42nd Street, about $56.2 million a year. 1 more building is fully exempt. 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 60 of the 83 large commercial buildings Leasemark tracks in Grand Central, with work permitted on 432 floors in all. Their filed cost estimates add up to about $979 million. The most were at 383 Madison Avenue (28 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. Grand Central 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.