242 E 40th Street
$3,500,000
MLS# RLS20119220 · Murray Hill
Listed October 5, 2026 · 25 days on the market
8 Beds 7 Baths 4,500 Sq.Ft.
About This Property
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.
Agent's Note
From Curtis Bain. Details about the apartment are drawn from the listing information provided through RLS by Compass.
Hardwood floors and natural gas heat are among the listed features of this 1920 walk-up, which has 8 bedrooms, 7 bathrooms and about 4,500 square feet across its floors. A building of this age tends to suit buyers who want defined rooms and older construction, but how a space is laid out and kept up tells you more than the year it was built.
The eat-in kitchen is the room to picture when you walk through, since it lets you eat without setting up a separate dining area. Private outdoor space of over 60 square feet is also listed, so it's worth checking which unit it belongs to before you decide how the layout works for you.
Grand Central-42 St is about 6 minutes on foot and serves the 4, 5, 6, 7 and S trains, which makes a daily commute simple. St. Vartan Park is about 5 minutes away for a walk, and Gristedes is about 1 minute from the door.
Quick answers+
Does the property have private outdoor space?
Yes. Private outdoor space of over 60 square feet is included.
Does the building have an eat-in kitchen?
Yes. An eat-in kitchen is one of the features of the home.
What type of heat does the building have?
Natural gas heat is one of the features of the building.
Curtis Bain
Brown Harris Stevens
Property Features
Home features
- Natural gas heat
- Hardwood floors
- Eat-in kitchen
- Private outdoor space (over 60 sq ft)
Estimate
Monthly Cost & Closing Costs
The rate is a placeholder, not a quote. Enter the one your lender gives you.
$24,178 / month
- Principal and interest$17,698
- Property taxes$6,480
Due at closing
- Down payment (20%)$700,000
- NYS “mansion tax” (1.5%)$52,500
- Mortgage recording tax (1.925%)$53,900
Not included: attorney, title insurance, lender and appraisal fees, board application and move-in fees, flip tax and prepaid items. Estimates only, based on the published New York State rates. Your attorney and lender will confirm the real figures.
Gallery
Property Photos
Listing Courtesy of Compass
This 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.