--- title: "242 East 40th Street, New York City, NY 10016" description: "242 East 40th Street, New York City, NY 10016 — Murray Hill, New York City, NY. Listing Price $3,500,000. 8 bed, 7 bath, 4,500 sqft Illustrative Buyer Commission Share of $52,500 at closing, based on a 3% buyer-broker commission." url: "https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10016/242-east-40th-street-ny-10016" source: "Real Estate Rebate Team" dateModified: "2026-10-05T16:27:55.508Z" status: "Active" --- # 242 East 40th Street, New York City, NY 10016 Murray Hill, New York City, NY Courtesy of Compass Last updated: October 5, 2026, 12:27 PM ## At a Glance - **Listing Price**: $3,500,000 - **Beds**: 8 - **Baths**: 7 - **Sqft**: 4,500 - **Monthly Taxes**: $6,480 / mo - **Price per Sqft**: $778 - **Brokerage Fee**: Share Eligible ## The Private Brokerage Advantage As an independent luxury buyer representative, Régis shares 50% of the buyer-side commission he actually receives on your purchase. Eligible buyers receive that Buyer Commission Share directly at closing to offset closing costs, down payments, or renovations. The figures below are illustrative, based on a **3% buyer-broker commission**; your share follows the commission offered on the transaction. - **Contract Purchase Price**: $3,500,000 - **Illustrative Buyer Commission Share**: -$52,500* - **Illustrative Net Cost**: $3,447,500 *Illustrative Buyer Savings of $52,500 — 50% of a 3% buyer-broker commission, shared at closing.* [Request a private tour](https://realestaterebatesnewyork.com/contact) · [Estimate your Buyer Commission Share](https://realestaterebatesnewyork.com/calculators/buyer-closing-cost-calculator) ## Photos (10) ![242 East 40th Street, New York City, NY 10016 — photo 1 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/d58377cd-2aef-446c-b574-3a4c2d8e1291.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 2 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/f8595471-2103-48e5-bc6b-0e3305cdacc1.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 3 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/8031a843-1d1c-4262-a634-789964a35237.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 4 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/3550286c-3d18-4ce4-bd8f-e589d973ebaa.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 5 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/b591e1a4-ec9a-413d-8755-3224ec434a0b.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 6 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/14bdf53f-b2d7-4241-a796-db60196c8c48.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 7 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/41aa4efa-bb85-400d-b8e6-f5c6305b7277.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 8 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/bf1675a1-b669-4e79-9d79-7ddee01979b7.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 9 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/4ac6e1a6-d417-4448-a377-e4e898a503ce.jpg) ![242 East 40th Street, New York City, NY 10016 — photo 10 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/1d678e86-41c6-4328-85da-1552a777b596.jpg) ## Property Overview 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. ## Property Details - **Property Type**: Mixed Use - **Beds**: 8 - **Baths**: 7 - **Rooms**: 10 - **Sqft**: 4,500 sqft - **Stories**: 5 - **Year Built**: 1920 - **Price per Sqft**: $778 - **Monthly Taxes**: $6,480 / mo - **Listed On**: Oct 5, 2026 - **Days on Market**: 1 Days ### Residence Features - Natural Gas - See Remarks - Private Outdoor Space Over 60 Sqft - Eat-in Kitchen - Hardwood - Partial ## Estimated Monthly Payment **$24,178 / month**, assuming a 20% down payment ($700,000), a 6.5% interest rate and a 30-year term. The page's calculator lets a buyer change all three. - **Principal & Interest**: $17,698 - **Property Taxes**: $6,480 Estimates only. Actual payments may vary. Confirm terms with your lender. ## About The Building ### 242 East 40th Street 242 East 40th Street, New York, NY 10016 A building in the neighborhood, currently featuring 1 active listing. - **Year Built**: 1920 - **Active Units**: 1 - **Floors**: 5 [View the building page](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/242-east-40th-street) ### Available Residences — For Sale (1) | Unit | Beds | Baths | Size | Price / Ft² | Price | Listing Office | Listed Date | Days on Market | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [N/A](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10016/242-east-40th-street-ny-10016) | 8 | 7 | 4,500 sqft | $778 | $3,500,000 | Compass | Oct 5, 2026 | 1 days | ## Murray Hill Overview of Murray Hill [Explore Murray Hill](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/murray-hill) · [All Neighborhoods](https://realestaterebatesnewyork.com/neighborhoods) ### Nearby Murray Hill - [Midtown real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/midtown) - [Kips Bay real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/kips-bay) - [Flatiron District real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/flatiron-district) - [Theater District real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/theater-district) - [Gramercy real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/gramercy) - [Stuyvesant Town real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/stuyvesant-town) ## Related Links - [242 East 40th Street — building page](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/242-east-40th-street) - [Murray Hill neighborhood guide](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/murray-hill) - [Estimate your Buyer Commission Share and closing costs](https://realestaterebatesnewyork.com/calculators/buyer-closing-cost-calculator) - [Contact Régis Roumila](https://realestaterebatesnewyork.com/contact) --- > RLS IDX Data display by Real Estate Rebate Team. 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. IDX information is provided exclusively for consumers’ personal, non-commercial use and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. > All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and the number of bedrooms listed is for informational purposes and is not a legal conclusion. Please consult with your own architect or engineer for exact dimensions and legal specifications.