Two Ways To Value The Same Property
What Rent Tells You
Income-based valuation using NOI and cap rates. This is what a buyer would pay for the cash flow the building generates today.
What Zoning Tells You
Land-based valuation using FAR (floor area ratio) and development comparables. This is what a buyer would pay for the unbuilt potential.
Signs Your Site May Be Worth More As Land
Land Comparables
| Address | Date | Price | ZFA | $/ZFA |
|---|---|---|---|---|
| 440 Broadway | 4/21/2026 | $6,600,000 | 26,901 | $245 |
| 515 Greenwich Street | 8/1/2026 | $97,500,000 | 136,870 | $712 |
| 42 Second Avenue | 8/1/2026 | $57,000,000 | 100,936 | $565 |
| 80 Morton Street | 9/4/2025 | $1,400,000 | 12,625 | $111 |
| 121 East 7th Street | 7/24/2025 | $2,800,000 | 8,624 | $325 |
| 126 Lafayette | 6/11/2025 | $14,700,000 | 62,950 | $234 |
| 89 1st Avenue | 6/10/2025 | $4,000,000 | 9,700 | $412 |
| 153 Attorney Street | 1/27/2025 | $9,800,000 | 20,200 | $485 |
| 391 Canal Street | 9/1/2024 | $3,077,280 | 16,658 | $185 |
| 45 Renwick Street | 12/1/2023 | $5,000,000 | 8,994 | $556 |
Guides To NYC Development Incentives
467-m Tax Incentive
A tax incentive generally tied to converting underused office and commercial buildings into residential use, and a factor in what a developer will pay for an eligible site.
Read More →485-x Tax Incentive
A tax incentive covering new residential construction, generally tied to affordability requirements, that can affect what a ground-up project on your site is worth.
Read More →Rezoning & Density
How FAR and buildable square footage set what can legally be built on your lot, and why under-built sites are worth more as land.
Read More →Three Steps To Your Land Value
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