Commercial space in Midtown South

New York City's PLUTO tax lot data (26v2) records about 35.7 million square feet of commercial floor area across 692 properties in the part of Midtown South Leasemark covers, including about 28.3 million square feet of office and about 4.1 million square feet of retail. The largest office building by that measure is 338 Fifth Avenue, at about 2.7 million square feet. That is the existing building stock, not space currently available.

Ten subway stations sit within about 0.5 mi of Midtown South's commercial core, served by the 1, 2, 3, 6, B, D, F, M, N, Q, R and W trains. The closest is 28 St (R W), roughly 1 minute on foot; then 28 St (6), 28 St (1), 23 St (F M), 23 St (R W), 34 St-Herald Sq (B D F M N Q R W), 33 St (6) and 3 more. Walking times are straight-line estimates from MTA station data.

Three of the ten stations within about 0.5 mi of Midtown South's commercial core are fully accessible, per the MTA: 34 St-Herald Sq (B D F M N Q R W), 34 St-Penn Station (1 2 3) and 23 St-Baruch College (6). 28 St (6) is partly accessible (one direction only).

The newest sale on record is 24 West 25th Street, which sold in June 2026 for $71 million to 24-28 WEST 25TH STREET OWNER LLC, per the deed recorded with the city. 32 sales, $3.4 billion in all, have been recorded of the large commercial buildings Leasemark tracks in Midtown South since 2016.

See every building sale in Midtown South

On the Department of Finance's 2026/27 assessment roll, the 185 large commercial buildings Leasemark tracks in Midtown South that pay property tax come to a median of about $11.87 per square foot of floor area a year, with the middle half between $9.41 and $14.47. 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 Empire State Building, 338 Fifth Avenue, about $53.4 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 289 interior build-outs in 106 of the 185 large commercial buildings Leasemark tracks in Midtown South, with work permitted on 477 floors in all. Their filed cost estimates add up to about $166 million. The most were at Empire State Building, 338 Fifth Avenue (22 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. Midtown South 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.