Office Condominium in Gem
For Sale
$980,000
50 W 47th St 10U, New York, NY 10036
Office condominium inside International Gem Tower with 24/7 security and building systems designed for professional use.
Property Size900 SF
Days on Market31
Property Features for 50 W 47th St 10U
General Information
Standard status
Active
Size
900 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,509
Building Details
Building Size
900 SF
Year Built
2009
Stories
1
Units
1
Listing Agency:
PROMISE REALTY LLC
(516) 639-5453
Listed By:
Ji Y. Hong
(516) 639-5453
Source:
Elliman
Added: Jul 9
Changed: Aug 8
Last Checked: Aug 8 at 10:19AM
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 PROMISE REALTY LLC
Investment Insights
Based on property information with market context.
This office condominium is located within the International Gem Tower, a modern, professionally designed building. The property benefits from 24/7 security and state-of-the-art building systems, providing a controlled, business-ready environment for office operations.
The offering is at 50 W 47th St, New York, NY 10036 in the Diamond District, an area described in the remarks as a luxury jewelry hub. WalkScore is listed as 100 and transitScore is listed as 100, with bikeScore of 88, indicating strong access to surrounding transit and amenities.
As an office condo within a landmark commercial building, this space is suited for ownership of a dedicated office unit inside a staffed, secure high-rise setting.
The offering is at 50 W 47th St, New York, NY 10036 in the Diamond District, an area described in the remarks as a luxury jewelry hub. WalkScore is listed as 100 and transitScore is listed as 100, with bikeScore of 88, indicating strong access to surrounding transit and amenities.
As an office condo within a landmark commercial building, this space is suited for ownership of a dedicated office unit inside a staffed, secure high-rise setting.
Key Highlights
- Office condominium inside International Gem Tower in NYC’s Diamond District
- Building year built: 2009
- 24/7 security for the building
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
$28,181
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
2.88%
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%
$563,620
$563.6K
Cap Rate 7%
$402,586
$402.6K
Cap Rate 9%
$313,122
$313.1K
Market Conditions
NOI Build-Up for 900 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
$46.3K $51.48/SF
− Vacancy
−$8.8K −$9.73/SF
EGI
$37.6K $41.75/SF
− OpEx
−$9.4K −$10.44/SF
NOI
$28.2K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$563,620
Cap Rate 7%
$402,586
Cap Rate 9%
$313,122
Alternative Uses
Best Use
Office B
$402.6K
$352.3K – $469.7K
NOI $28,181 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.61M
NOI $156,816 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
90,344
Businesses Nearby
Explore this area
Business Placement
Demographics for 10036, NY
33,868
Population
22,473
Households
1.5
Avg Household Size
37
Median Age
69%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
84,670
Density / Sq Mi
$100,225
Median Household Income
$86,122
Median Earnings
$2,301
Median Rent
$988,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condominium inside International Gem Tower with 24/7 security and building systems designed for professional use.
Where is this office units located?
The property is located at 50 W 47th St 10U New York, NY.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Office condominium inside International Gem Tower in NYC’s Diamond District; Building year built: 2009; 24/7 security for the building
