498 7th Avenue — Sale in New York, NY
- Price: $36
- Listing type: For sale
- Asset type: Office
- Location: New York, NY 10018
- Size: 958,870 SF
- Year built: 1921
Photos
Description
Jones Lang LaSalle (“JLL”) is pleased to present the opportunity to acquire the 49.9% interest in 498 Seventh Avenue (the “Property”), a 25-story, 955,000 rentable square foot office tower in Midtown’s rapidly transforming Penn District. The Property offers secure contractual cash flow supported by 95.9% in-place occupancy and a 17.5-year WALT, with no contractual office lease expiration until 2030. SEIU, the largest labor union in North America, occupies 61% of the Property through March 2050 and has invested significant capital in its specialized buildout and infrastructure. More than $36 million ($38 psf) has been invested by current ownership since 2018, including a comprehensive renovation in 2021. Five separate entrances provide a differentiated building-within-a-building functionality, accommodating both headquarters and multi-tenant leasing. The Property has maintained an average occupancy of 94% over the past five years. Located at the center of the Penn District’s ongoing transformation, 498 Seventh Avenue benefits from significant public and private investment surrounding Penn Station and unparalleled regional connectivity. All inquiries should be directed to JLL.
Market Context
This office in New York, NY is listed for sale at $36 across 958,870 SF. The building dates to 1921. Compare it against other office listings for sale in New York, NY — view the full market.
As of Q1 2026, the New York City Area office market showed average asking rents near $45.36/SF/yr. Source: CBRE Q1 2026 market report.
Estimated Price per SF
$77.31/SF – $562.22/SF
Mid: $234.26/SF
About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.
Contact
- Andrew Scandalios · 2126321821 · andrew.scandalios@jll.com
- David Giancola · 2126321831 · david.giancola@jll.com
- Drew Isaacson · 2128126419 · drew.isaacson@jll.com
- Jennifer Zelko · 2128126552 · jennifer.zelko@jll.com
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