Ask two different buyers to price the same NYC building and you can get two very different numbers. That's not necessarily a sign one of them is wrong. Most properties can be valued two completely different ways, and the higher of the two is usually what determines what a rational seller should accept.
What rent tells a buyer
An income valuation starts with net operating income (NOI): the rent the building collects, minus operating expenses. Divide NOI by the market cap rate for that property type and neighborhood, and you get a value. This is how most multifamily, office, and retail buildings get priced, and it's the calculation behind most "how to value a multifamily property" guides.
What zoning tells a buyer
A land valuation ignores the rent roll entirely and starts with the zoning: how many buildable square feet does this lot allow, and what have similar buildable lots sold for on a price-per-buildable-square-foot ($/BSF) basis. This is the calculation a developer runs, because they're not buying the current tenants, they're buying the right to build something new.
The value gap: when land value takes over
For a fully built, well-leased apartment building in a low-density zone, the income valuation is usually higher, and that's how it should sell. But for a 2-4 story building sitting on a lot zoned for 8-20 stories, the math flips: the land value can be significantly higher than what the existing rent roll would ever justify. That gap is exactly what a development-site buyer is looking for, and it's the reason a building that looks "underwhelming" as a rental can still be a valuable sale.
How to tell which one applies to you
Run both numbers. Pull your zoning and buildable square footage, get a sense of recent land comps in $/BSF for your neighborhood, and compare that to what your current NOI would support at market cap rates. Whichever number is higher tells you how your property should actually be marketed, and to which buyer pool.
Owners frequently under-price a site by only ever getting the income-based number, because that's the number a typical residential or investment-sales broker defaults to. If nobody has ever run the land-value side of the equation for your property, it's worth having someone do it before you set an asking price.