Commercial space in Times Square

New York City's PLUTO tax lot data (26v2) records about 13.3 million square feet of commercial floor area across 188 properties in the part of Times Square Leasemark covers, including about 7.9 million square feet of office and about 3.3 million square feet of retail. The largest retail building by that measure is 234 West 42nd Street, at about 275,000 square feet. That is the existing building stock, not space currently available.

Eight subway stations sit within about 0.5 mi of Times Square's commercial core, served by the 1, 2, 3, 4, 5, 6, 7, A, B, C, D, E, F, M, N, Q, R, W and S trains. The closest is Times Sq-42 St (1 2 3 7 N Q R W S A C E), roughly 3 minutes on foot; then 49 St (N R W), 47-50 Sts-Rockefeller Ctr (B D F M), 42 St-Bryant Pk (B D F M 7), 50 St (1), 50 St (C E), 7 Av (B D E) and 1 more. Walking times are straight-line estimates from MTA station data.

Three of the eight stations within about 0.5 mi of Times Square's commercial core are fully accessible, per the MTA: Times Sq-42 St (1 2 3 7 N Q R W S), 47-50 Sts-Rockefeller Ctr (B D F M) and Grand Central-42 St (4 5 6 7 S). 49 St (N R W) and 50 St (C E) are partly accessible (one direction only).

The newest sale on record is 315 West 44th Street, which sold in September 2024 for $40.5 million to EMPIRE WEST 44TH LLC, PLANT NASSIM LLC and others, per the deed recorded with the city. 4 sales, $446.1 million in all, have been recorded of the large commercial buildings Leasemark tracks in Times Square since 2016.

See every building sale in Times Square

On the Department of Finance's 2026/27 assessment roll, the 22 large commercial buildings Leasemark tracks in Times Square that pay property tax come to a median of about $20.88 per square foot of floor area a year, with the middle half between $14.07 and $28.73. 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 Astor Plaza, 1515 Broadway, about $36.9 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 72 interior build-outs in 18 of the 23 large commercial buildings Leasemark tracks in Times Square, with work permitted on 118 floors in all. Their filed cost estimates add up to about $108 million. The most were at 1538 Broadway (12 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. Times Square 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.