Two-Bedroom Residential Income
For Sale
$1,699,000
112 W 56TH Street 32S, New York City, NY 10019
Full-service condominium residence with two en-suite bedrooms, an enclosed balcony, and expansive living and dining areas.
Property Size1,712 SF
Price / SF$992.41
Days on Market153
Property Features for 112 W 56TH Street 32S
General Information
Standard status
Active
Size
1,712 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
24-hour doorman
full-time superintendent
dedicated laundry room
access to Lifetime Fitness complex
indoor pool
yoga studio
massage rooms
Building Details
Building Size
1,712 SF
Listing Agency:
Corcoran Group
(914) 500-3121
Listed By:
Ryan McErlean · License #10401382396 (NY)
(914) 500-3121
Source:
Carytamura
Added: Mar 11
Changed: Aug 2
Last Checked: Aug 10 at 9:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Corcoran Group
Investment Insights
Based on property information with market context.
Residence 32S is a 1,712-square-foot condominium home configured with two bedrooms and two-and-a-half baths. An entry foyer leads to a broad living and dining area with south-facing floor-to-ceiling windows and an enclosed balcony that adds a bright, flexible extension. The enclosed kitchen includes stainless steel appliances and connects to a windowed auxiliary room suitable for office use or kitchen expansion. A separate bedroom corridor includes a powder room, while the primary suite offers substantial closet capacity and a windowed bath with dual vanity. The second bedroom has its own en-suite bath, and both bedrooms include new hardwood floors.
Le Premier provides full-service condominium operations with a 24-hour doorman and full-time superintendent. The building has two residences per floor, shared private elevator landings, and dedicated laundry rooms. Owners also receive preferred access to the adjacent Lifetime Fitness complex, which includes a 60-foot indoor pool, yoga studio, massage rooms, and additional wellness facilities. The property is near Central Park, Fifth Avenue retail, restaurants, Carnegie Hall, the Theatre District, and multiple subway lines within a half-mile.
Le Premier provides full-service condominium operations with a 24-hour doorman and full-time superintendent. The building has two residences per floor, shared private elevator landings, and dedicated laundry rooms. Owners also receive preferred access to the adjacent Lifetime Fitness complex, which includes a 60-foot indoor pool, yoga studio, massage rooms, and additional wellness facilities. The property is near Central Park, Fifth Avenue retail, restaurants, Carnegie Hall, the Theatre District, and multiple subway lines within a half-mile.
Key Highlights
- 1,712‑square‑foot two‑bedroom residence with two‑and‑a‑half baths
- South‑facing floor‑to‑ceiling windows and an enclosed balcony
- Two en‑suite bedrooms; primary suite includes a windowed dual‑vanity bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,564
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,071,280
$1.1M
Cap Rate 7%
$765,200
$765.2K
Cap Rate 9%
$595,156
$595.2K
Market Conditions
NOI Build-Up for 1,712 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$102.5K $59.88/SF
− Vacancy
−$5.1K −$2.99/SF
EGI
$97.4K $56.89/SF
− OpEx
−$43.8K −$25.60/SF
NOI
$53.6K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,071,280
Cap Rate 7%
$765,200
Cap Rate 9%
$595,156
Alternative Uses
Best Use
Apartment 5plus
$765.2K
$669.6K – $892.7K
NOI $53,564 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.26M
$3.73M – $4.97M
NOI $298,299 @ 7.0% cap · market cap 17.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
62,083
Businesses Nearby
Explore this area
Business Placement
Demographics for 10019, NY
49,029
Population
33,279
Households
1.5
Avg Household Size
38
Median Age
78%
College-Educated
98%
High-School Grad
0.7 sq mi
ZIP Area
70,041
Density / Sq Mi
$121,835
Median Household Income
$108,231
Median Earnings
$2,619
Median Rent
$1,066,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Full-service condominium residence with two en-suite bedrooms, an enclosed balcony, and expansive living and dining areas.
Where is this residential income property located?
The property is located at 112 W 56TH Street 32S New York City, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: 1,712‑square‑foot two‑bedroom residence with two‑and‑a‑half baths; South‑facing floor‑to‑ceiling windows and an enclosed balcony; Two en‑suite bedrooms; primary suite includes a windowed dual‑vanity bath
