21 Murray St 11,500 SF 100% Leased Office Building New York, NY 10007 $10,956,960 CAD ($952.78 CAD/SF) 4.94% Cap Rate

21 Murray Street represents a rare opportunity to acquire a fully leased medical office and retail asset in the heart of Tribeca, offered to the market for the first time in twenty-four years. This five-story building delivers a compelling combination of stability, credit tenancy and long-term growth potential within one of Manhattan’s most supply-constrained and consistently high-performing commercial submarkets. Situated between Chambers Street and Broadway, the property benefits from exceptional visibility, steady pedestrian flow and seamless access to dense residential blocks, civic institutions and major transit connections.
Encompassing approximately 11,500 square feet across ground-floor retail and four upper medical office suites, the property is fully occupied by well-established tenants including Pupculture, Tribeca Oral, Western Manhattan Women’s Health and Tribeca Dental Associates. The rent roll is anchored by long-term medical operators with a weighted average lease term of 6.28 years, ensuring predictable revenue and operational resilience. Most leases include structured annual rent escalations and recovery mechanisms such as real estate tax passthroughs, enhancing income durability while mitigating exposure to rising operating costs.
The in-place income profile is supported by $643,213 in effective gross revenue and a net operating income of $395,512, reflecting the asset’s strong fundamentals and high-quality tenancy. The ground-floor retail suite includes an additional 2,450 square feet of basement area, providing operational flexibility and enhanced value for the current tenant.
Beyond its existing income strength, 21 Murray Street offers substantive upside through approximately 7,864 square feet of unused air rights, positioning the asset as an attractive long-term hold with future expansion potential in a neighborhood where virtually no new office supply is under construction. Tribeca’s tightening vacancy, premium rent levels and absence of new development further reinforce the enduring demand for properties that blend medical and street-level retail uses.
Taken together, 21 Murray Street stands as a rare, core-plus investment opportunity combining location, tenant quality and future scalability in one of Manhattan’s most coveted commercial districts.