Manhattan

Commercial space in Murray Hill

Murray Hill is a residential-leaning neighborhood with a steady medical office and neighborhood retail market along Lexington, Third, and Second Avenues. It is close to the NYU Langone and Bellevue campuses.

Commercial properties
447
Office stock
10.4M SF
Median year built
1920
Known for
Medical, Retail, Restaurant

Building figures are existing stock from NYC PLUTO 26v2 tax lot records, not space on the market. More below.

On Leasemark No spaces or requirements posted in Murray Hill yet. List a space and it is matched to every new requirement, or post what you need and get matched as spaces arrive.

Nothing listed in Murray Hill yet

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NYC tax lot records

The building stock in Murray Hill

What already stands here, from the city's own property data. Useful for sizing a search before a single space is listed.

Commercial properties
447
Office space
10.4M SF
Retail space
1.9M SF
Built before 1940
69%

Largest office buildings

  1. 41 floors · built 1974
  2. 43 floors · built 1963
  3. 37 floors · built 1928
  4. 41 floors · built 1960
  5. 42 floors · built 1977
All 28 large commercial buildings in Murray Hill

Age, height and zoning

  • Median year built: 1920.
  • Median height: 5 floors.
  • Most common zoning districts: C1-9 (136), R8B (85), R10 (71).
  • Historic districts: Murray Hill Historic District (24 lots), Tudor City Historic District (6 lots), Murray Hill Historic District Extension (5 lots).
  • 14 lots are designated city landmarks.

Source: NYC Department of City Planning, PLUTO 26v2, pulled 2026-10-16. Counts cover tax lots with commercial floor area within about 0.4 mi of Murray Hill's commercial core, and each lot counts toward one neighborhood only, so boundaries are approximate. Building figures are the city's floor-area estimates, not available space.

MTA station data

Subway stations in Murray Hill

Every station within about 0.5 mi of Murray Hill's commercial core, closest first. Stations joined by a free transfer count once.

Stations
2
Subway lines
5
Fully accessible
1 of 2
Closest
Grand Central-42 St, 5 min walk

The 2 stations

  • Grand Central-42 St5 min walk · Accessible station
  • 33 St7 min walk · Not accessible

Lines

The 4, 5, 6, 7 and S trains stop within about 0.5 mi of Murray Hill's core.

Step-free access

  • Grand Central-42 St (4 5 6 7 S) is fully accessible.

Source: Metropolitan Transportation Authority, MTA Subway Stations, pulled 2026-10-16. Walking times are straight-line estimates from the nearest point of Murray Hill's commercial core (the same area as the building counts), so the street route is longer. Accessibility is the MTA's rating for the named station. PATH, LIRR, Metro-North and ferries are not in this data.

NYC property records (ACRIS)

Recent building sales in Murray Hill

3 sales of the large commercial buildings Leasemark tracks in Murray Hill have been recorded since 2016, $253.1 million in all.

Newest sales

  1. 630 Third Avenue$66.2 million
    October 2025 · $314 a SF · to 630 THIRD AVENUE DEVELOPMENT OWNER, LLC
  2. 630 Third Avenue$97.8 million
    November 2022 · $464 a SF
  3. September 2018 · $745 a SF · to 192 LEXINGTON AVENUE LLC

Since 2016

  • Largest: 630 Third Avenue, $97.8 million in November 2022.
  • Median price: about $464 a square foot of floor area, across 3 one-building sales.
  • Newest deed on record: October 2025. The city's open data runs about a month behind.
All 3 building sales in Murray Hill

Source: NYC Department of Finance, ACRIS, Real Property Master, Legals and Parties, pulled 2026-10-16; prices as the deeds state them, buyers named only when they are companies. These are sales of the large buildings Leasemark tracks, not every sale here: condo buildings (sold unit by unit), partial interests and sales of the company that owns a building are left out.

NYC Department of Finance

Commercial property taxes in Murray Hill

Of the 28 large commercial buildings Leasemark tracks in Murray Hill, 25 carry property tax on the city's 2026/27 assessment roll. Their median estimated tax is about $11.76 per square foot of floor area a year, before abatements.

Largest estimated bills

  1. 605 Third Avenue$14.1 million
    $15.71 a SF · market value $300.5 million
  2. 622 Third Avenue$14 million
    $14.16 a SF · market value $286.2 million
  3. $11.05 a SF · market value $346.2 million
  4. 600 Third Avenue$8.89 million
    $18.00 a SF · market value $184.5 million
  5. 200 Madison Avenue$8.37 million
    $13.82 a SF · market value $171.6 million
  6. $15.49 a SF · market value $162.6 million

Across 25 taxed buildings

  • The middle half pay between $7.70 and $15.53 a square foot of floor area a year.
  • Manhattan median: $13.55 a square foot, across 1388 large buildings Leasemark tracks.
  • Median market value on the roll: about $327 a square foot. That is the city's valuation for tax, not a sale price.
  • 3 buildings are fully exempt, including Ford Foundation Building and 656 First Avenue. Exemptions like these are common for government, nonprofit and PILOT properties.

Source: NYC Department of Finance, Property Valuation and Assessment Data, 2026/27 roll, pulled 2026-10-16. Estimates are the taxable value after exemptions times the Class 4 rate of 10.848% (tax year 2025/26, the latest the city lists), divided by the building's floor area in PLUTO. They leave out abatements such as ICAP, payment-in-lieu-of-taxes agreements and charges, so actual bills differ. Large buildings only (35,000 SF and up in Manhattan).

NYC Department of Buildings permits

Interior build-outs in Murray Hill

In the 12 months to October 2026, the Department of Buildings issued first permits for 68 interior build-outs in 20 of the 28 large commercial buildings Leasemark tracks in Murray Hill, with work permitted on 110 floors in all. Their filed cost estimates add up to about $90 million.

Most build-outs, last 12 months

  1. 8 floors with work
  2. 6 floors with work
  3. 5 floors with work
  4. 5 floors with work
  5. 4 floors with work
  6. 26 floors with work
  • 71% of the buildings tracked here had a build-out, against 61% across Manhattan.

Build-outs by quarter

  • Q1 202519
  • Q2 202518
  • Q3 202514
  • Q4 202514
  • Q1 202621
  • Q2 202618
  • Q3 202618
  • Q4 2026 to Oct 220

Newest

  • 200 Madison AvenueSep 2026Floor 10; construction, mechanical, plumbing, sprinklers; est. $160,000
  • 1 Park AvenueSep 2026Floor 1; construction, mechanical, plumbing, sprinklers; est. $326,000
  • 200 Madison AvenueSep 2026Floors 5 and 8; construction; est. $83,000
  • 600 Third AvenueSep 2026Floor 1; construction, mechanical, plumbing; est. $205,000

Source: NYC Department of Buildings, DOB NOW: Build Approved Permits, pulled 2026-10-24 (permits issued through 2026-10-22). A build-out groups interior jobs (construction, mechanical, plumbing, sprinklers and the like) on the same floors first permitted within 120 days of each other, dated by its first permit. Only the large buildings Leasemark tracks count (35,000 SF and up), not every permit in the neighborhood. Costs are the estimates filed with the jobs. A permit does not say who the work is for.

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Questions about Murray Hill

How much commercial space is there in Murray Hill?

New York City's PLUTO tax lot data (26v2) records about 18.1 million square feet of commercial floor area across 447 properties in the part of Murray Hill Leasemark covers, including about 10.4 million square feet of office and about 1.9 million square feet of retail. The largest office building by that measure is 622 Third Avenue, at about 960,000 square feet. That is the existing building stock, not space currently available.

What subway lines serve Murray Hill?

Two subway stations sit within about 0.5 mi of Murray Hill's commercial core, served by the 4, 5, 6, 7 and S trains. The closest is Grand Central-42 St (4 5 6 7 S), roughly 5 minutes on foot; then 33 St (6). Walking times are straight-line estimates from MTA station data.

Which subway stations in Murray Hill are accessible?

One of the two stations within about 0.5 mi of Murray Hill's commercial core is fully accessible, per the MTA: Grand Central-42 St (4 5 6 7 S).

When did a large commercial building in Murray Hill last sell?

The newest sale on record is 630 Third Avenue, which sold in October 2025 for $66.2 million to 630 THIRD AVENUE DEVELOPMENT OWNER, LLC, per the deed recorded with the city. 3 sales, $253.1 million in all, have been recorded of the large commercial buildings Leasemark tracks in Murray Hill since 2016.

See every building sale in Murray Hill

How much are commercial property taxes in Murray Hill?

On the Department of Finance's 2026/27 assessment roll, the 25 large commercial buildings Leasemark tracks in Murray Hill that pay property tax come to a median of about $11.76 per square foot of floor area a year, with the middle half between $7.70 and $15.53. 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 605 Third Avenue, about $14.1 million a year. 3 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

How much build-out work is happening in Murray Hill?

In the 12 months to October 2026, the Department of Buildings issued first permits for 68 interior build-outs in 20 of the 28 large commercial buildings Leasemark tracks in Murray Hill, with work permitted on 110 floors in all. Their filed cost estimates add up to about $90 million. The most were at Daily News Building, 220 East 42nd Street (7 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

Do tenants in Murray Hill pay the NYC Commercial Rent Tax?

Yes, for larger leases. Murray Hill 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

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