Commercial space in Hell's Kitchen

New York City's PLUTO tax lot data (26v2) records about 16.9 million square feet of commercial floor area across 702 properties in the part of Hell's Kitchen Leasemark covers, including about 6.5 million square feet of office and about 2.4 million square feet of retail. The largest retail building by that measure is 706 Eleventh Avenue, at about 66,000 square feet. That is the existing building stock, not space currently available.

Four subway stations sit within about 0.5 mi of Hell's Kitchen's commercial core, served by the 1, 2, 3, 7, A, C, E, N, Q, R, W and S trains. The closest is 50 St (C E), roughly 7 minutes on foot; then 42 St-Port Authority Bus Terminal (A C E 1 2 3 7 N Q R W S), 50 St (1) and 49 St (N R W). Walking times are straight-line estimates from MTA station data.

One of the four stations within about 0.5 mi of Hell's Kitchen's commercial core is fully accessible, per the MTA: 42 St-Port Authority Bus Terminal (A C E). 50 St (C E) and 49 St (N R W) are partly accessible (one direction only).

The newest sale on record is 601 West 50th Street, which sold in September 2026 for $60 million (2 tax lots together), per the deed recorded with the city. 7 sales, $736 million in all, have been recorded of the large commercial buildings Leasemark tracks in Hell's Kitchen since 2016.

See every building sale in Hell's Kitchen

On the Department of Finance's 2026/27 assessment roll, the 27 large commercial buildings Leasemark tracks in Hell's Kitchen that pay property tax come to a median of about $10.53 per square foot of floor area a year, with the middle half between $8.15 and $13.64. 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 Worldwide Plaza, 825 Eighth Avenue, about $40 million a year. 4 more buildings are 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 12 interior build-outs in 9 of the 31 large commercial buildings Leasemark tracks in Hell's Kitchen, with work permitted on 17 floors in all. Their filed cost estimates add up to about $18 million. The most were at 660 Joe Dimaggio Highway (2 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. Hell's Kitchen 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.