For Sale · Listing by Compass
242 E 40th Street
Murray Hill, Manhattan
$3,500,000
242 E 40th Street
MLS® #RLS20119220
Listing by Compass
- 8
- Bedrooms
- 7
- Baths
- 4,500
- Sq. Ft.
- 1920
- Year Built
Quick Summary
Property Highlights
- Style: WalkUp architecture
- Character: Pre-war building (1920)
Property Details
Listing History
| Event | Date | Price | Change |
|---|---|---|---|
| Listed | Oct 5, 2026 | $3,500,000 | - |
| Currently | Oct 6, 2026 | $3,500,000 | - |
Description
242 East 40th Street | Murray Hill | $3,500,000 A prewar (1920) five-story mixed-use building between Second and Third Avenues, a short walk from Grand Central and the 4/5/6/7 trains. • Size (per PropertyShark): About 4,498 SF built, on an 18' × 53' footprint across 5 stories, including the ground-floor retail. The lot is 18' × 99'. • Pricing : $778/SF on 4,498 SF built, or $264 per buildable SF on 13,282 SF, both per PropertyShark. • Units : 8 Units total. 7 residential units plus a ground-floor restaurant, 100% occupied. Floors 1–3 each have a studio and a one-bedroom, and the top floor is a two-bedroom. • Rent status : 5 of the residential units are free market and 2 are rent-stabilized. Commercial rented. • Income: About $203,000 in current NOI, roughly a 5.8% cap rate at asking. Units are separately metered for electric, which tenants pay, and the restaurant covers part of the real estate taxes. • Zoning : C1-9 / R10. • Development upside: 13,282 SF maximum buildable, per PropertyShark. That leaves about 8,784 SF of unused development rights, subject to architect confirmation. Stable income today, with room to grow later. Rent roll and operating statement available on request.
Features & Amenities
Interior Features
Exterior Features
Building Information
Financial Details
About Murray Hill
View All Murray Hill ListingsMurray Hill offers a central Manhattan location with a surprisingly neighborhood-like feel. Known for its historic 'Sniffen Court' and a mix of mid-century high-rises and 19th-century townhouses, it is a popular choice for professionals seeking proximity to Grand Central and Midtown. The neighborhood is particularly well-regarded for offering a wide range of price points, from entry-level studio cooperatives to expansive luxury penthouses.
Murray Hill Live Market Data
View NeighborhoodActive Listings
253
Median Asking Price
$799K
Median $/Sqft
$1,243
Avg Days on Market
N/A
New This Week
14
Price Reduced
30%
Sold (30 Days)
32
Median Sale Price
$715K
Live data from RLS at REBNY • Updated 10/5/26, 10:11 PM EST
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Location
242 E 40th Street, Murray Hill, New York County
Floor Plans
Building Information
Official NYC property records for this building
Tax & Assessment
Note: Individual unit taxes may differ. Verify current tax bills with NYC DOF.
Source: NYC PLUTO (Primary Land Use Tax Lot Output), NYC Department of City Planning (data.cityofnewyork.us)
Want help estimating ownership costs or understanding building compliance? Let's discuss
Listing Data
RLS® at REBNY (Real Estate Board of New York) via Trestle API. Updated in real-time.
Building Data
NYC PLUTO (Primary Land Use Tax Lot Output), NYC Department of City Planning. Updated quarterly.
Market Data
RLS® at REBNY (Real Estate Board of New York). Live data updated in real-time.
Map & Location
OpenStreetMap contributors via Leaflet. Geocoding via Nominatim.
All data is provided for informational purposes only and should be independently verified. See our Data Sources Policy for more information.
Frequently Asked Questions
Common questions about this property
The current listed common charges are $0 per month. Confirm the exact amount with Milton Coste before making an offer.
The current listed annual property tax is $77,765.16, or roughly $6,480 per month. Verify the current assessment with your attorney before closing.
This property has 8 bedrooms and 7 full bathrooms.
The listed interior living area is 4,500 square feet. Verify dimensions independently during due diligence.
According to MLS records, the building was constructed in 1920, making it approximately 106 years old.
This listing is None
Pet policy requires confirmation with Milton Coste.
At the current list price of $3,500,000 for 4,500 sq ft, the asking price per square foot is approximately $778. This figure is for reference only and may differ from appraised or assessed values.
To schedule a private showing, contact Milton Coste at (917) 416-7433 or milton@miltoncoste.com. Per REBNY guidelines effective 2025, a Buyer Representation Agreement is required before a buyer's broker can show you properties. You may attend open houses independently without one.
Have a question not answered here?
(917) 416-7433Listing Courtesy of Compass - Troy Nathan Kenneth Gordon
Listing Contact: (917) 868-5696
Listing information for certain New York City properties provided courtesy of the Real Estate Board of New York's Residential Listing Service (the "RLS"). The information contained in this listing has not been verified by the RLS and should be verified by the consumer. The listing information provided here is for the consumer's personal, non-commercial use. Retransmission, redistribution or copying of this listing information is strictly prohibited except in connection with a consumer's consideration of the purchase and/or sale of an individual property. This listing information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., all rights reserved. This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.
Broker Commission Disclosure: Broker commissions are not set by law and are fully negotiable.
Buyer Notice: Planning to work with a buyer's broker? A Buyer Representation Agreement is required before your broker can show you properties, per REBNY/UCBA guidelines (effective 2025). You may attend open houses independently without one.
RLS Data display by Keller Williams NYC. Data last updated on 10/6/2026 at 2:11 AM UTC
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Sale history, taxes, violations and comps for this unit
Before you bid
Pre-Offer Report: 242 E 40th Street
At $3,500,000, the listing leaves out what decides the offer: the recorded sale history, the tax and abatement picture, open building violations and permits, and the closed sales that set the price. Milton prepares the report from public records. Free, no obligation.
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Quick Facts
Monthly Costs Estimate
$700,000
Source: Freddie Mac PMMS
Est. Monthly Payment
$0
Estimates only. Consult a lender for exact figures.
Mansion tax applies at this price point
New York State charges the buyer a mansion tax on residential purchases at $1,000,000 or more. At this asking price the tier is $3M to $4,999,999 at 1.50%, applied to the whole purchase price. It is due in cash at closing and cannot be financed.
Estimated mansion tax at asking
$52,500
Estimate based on the asking price. Confirm your own obligation with your real estate attorney.
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