Murray Hill flies under-the-radar. This down-to-earth district in Midtown Manhattan has, over the last couple of decades, become the go-to neighborhood for post-grads seeking affordable prices and convenient access to transportation around Midtown Manhattan. The side streets are lined with rows of brownstones and landmark buildings, while newer residential buildings have risen between First and Third Avenue.
With the surplus of salons, fitness studios, and spas that thrive off the young population, Murray Hill could be an ideal place to lease office properties for any company looking to attract young employees or customers. Startups and small companies seeking Midtown East office or retail space will find the lower prices of Murray Hill very attractive.
What Brokers Say About Murray Hill
Those securing office spaces in Murray Hill will have immediate access to a hiring pool of hard-working talent due to its steady population of young professionals. With Grand Central Station within walking distance, Murray Hill is also an ideal choice for companies with employees around the city and in the northern suburbs.
The proximity of the United Nations Headquarters has led to many embassies, consulates, and permanent missions to the U.N. settling within Murray Hill, often located within the historic mansions to the west of Third Avenue. Companies with global or international interests should consider office space in Murray Hill if being near to the U.N. Headquarters is a priority.
Murray Hill also attracts a variety of medical and financial service organizations. Non-profits are prevalent in the area as well and benefit from the lower rent for office space. Notable tenants in the neighborhood include Morgan Stanley, HSN, Manhattan Wellness Group, MedXwaste, L3 Technologies, Sumitomo Corporation, Pajama Program, Misys, and Honest Mail. The CUNY Graduate Center operates here as well as New York Public Library’s Industry and Business Library and Oxford University Press.
Murray Hill commercial space for lease | By the numbers
|Murray Hill Average ($/SqFt)||Class A Murray Hill ($/SqFt)|
Murray Hill Office Space | Lease Data & Trends
Despite increasing costs as more residential development occurs and demand for the area put Murray Hill on the map, the neighborhood remains very affordable. Commercial tenants pay an average price-per-square-foot of just under $60.50 for all classes and just under $65 for Class A buildings, compared to the Midtown Manhattan averages of $76.75 and $83, according to data from Q4 of 2019. Murray Hill prices are also much lower than that of nearby Park Avenue, where office properties lease for around $97.25 per square foot, and Madison/Fifth, where properties lease for approximately $89.75 per square foot.
Murray Hill has more than 14 million sq ft in commercial real estate inventory with a vacancy rate of 10%, slightly lower than the average Manhattan vacancy rate of 11%.
Getting Around: Transportation in Murray Hill
Murray Hill is the 19th most walkable neighborhood in New York, N.Y., according to Walk Score, and many residents walk to work. The district is decent for biking, with the East Side bike path along the river, protected bike lanes on First and Second Avenues, and a handful of CitiBike stations.
Grand Central Terminal resides at the northwest corner of Murray Hill, and services the area with the Metro-North Railroad, subway lines 4, 5, 6, 7, and S, and multiple bus lines. The N and W trains are available only a few blocks west.
Drivers will find it easy (as easy as driving in Manhattan can be) to get to the Queens-Midtown Tunnel and Queensboro Bridge to Long Island City, and commuters also have access to the East 34th Street ferry stop.
Top commercial real estate listings in Murray Hill
Our real estate brokers have curated this list of prime commercial real estate properties in Murray Hill. For best results, save time by taking a look at these to begin your search for office or retail space:
– 33 East 33rd Street: 33 East 33rd Street is a beautiful 12-floor office building that was built in 1914. The property features 7,000 sq ft of space, 24/7 access, on-site security, and a lobby attendant. Current tenants include WeWork, Levain Holdings, and Law Firm Jerry M. Feeney. The property has a Walk Score of 100 and a noise index of .82. This Class B building has 13 office spaces ranging from 2,000 to 13,582 square feet in size available for lease. Contact SquareFoot for details about price. Get to 33 East 33rd Street via the B, D, F, M, N, Q, R or W trains.
– 600 3rd Avenue: 600 3rd Avenue is a skyscraper in Murray Hill equipped with a newly renovated lobby, 24/7 access, and a security turnstile system. Built in 1972, this 42-story building currently provides space for Neon Liberty Capital Management, Morrison, Brown, Argiz & Farra, and BlackRock RealtySSR. Fifteen units ranging from 80 to 26,258 square feet in size are vacant and available for lease at 600 3rd Avenue. Contact SquareFoot for price information. The property is close to 42nd Street—Grand Central Station and the 33rd Street Station.
– 353 Lexington Avenue: 353 Lexington Avenue is a Class B office building in Murray Hill that was built in 1929. Current tenants include Butler Associates and HNH Education Consulting. Eight units are available for lease in the building, and they range from 580 to 2,500 square feet in size. Contact SquareFoot to schedule a tour or to learn more about pricing. 353 Lexington Avenue is located close to a variety of restaurants, such as House of Lasagne, Scotty’s Diner, and Salvation Taco. Reach this property via the S, 4, 5, 6, or 7 trains.
Murray Hill History
Named after an 18th century family of Quaker merchants, Murray Hill was once considered Uptown Manhattan, and its rows of brownstones and mansions were filled with wealthy and upper-middle-class families. Murray Hill still possesses old New York, N.Y., charm from that era, now with more lively and youthful energy. Today, it houses many companies working in the professional, financial, medical, and manufacturing industries.
Locals and daytime workers enjoy the affordable dining and bar scene Murray Hill has to offer. Favorite spots include Sons of Thunder, Gingerman, Bareburger, and Cask Bar & Kitchen. Before you search all over the map for a good lunch spot, check out our team’s recommendations: Curry Hill, a cluster of highly rated Indian restaurants including Dhaba, Muglahi Indian Cuisine, Darbar, and Deli Galli.