Building Details

Building Size 2,846 SF

Year Built 2019

Listing Agency: Douglas Elliman Real Estate

Listed By: Yair Tavivian · License #10301212650 Show Phone

Source: Howardhannanyc

Added: Feb 24 Changed: Sep 26 Last Checked: Oct 10 at 1:12AM

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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 Douglas Elliman Real Estate

Investment Insights

Based on property information with market context.

Residence 18B is a 2,209-square-foot corner condominium completed in 2019, configured with four bedrooms, an expansive living and dining area, and a separate bedroom wing. The home includes floor-to-ceiling windows, wide-plank oak flooring, central air conditioning, sound-attenuated windows, and an in-unit Bosch washer and dryer. Its kitchen features marble countertops, custom oak cabinetry, and Thermador and Bosch appliances. The primary suite offers a walk-in closet and spa-inspired bath, while one additional bedroom includes an ensuite bath.

Private parking accompanies the residence. Building amenities at North Park Tower include a 24-hour doorman, fitness center, residents’ lounge with outdoor terrace, children’s playroom, library, bike room, and on-site parking. The property is near Central Park, Museum Mile, neighborhood restaurants, top schools, and transportation.

Key Highlights

• 2,209‑square‑foot corner condominium residence
• Four‑bedroom layout with separate bedroom wing
• Private parking included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$108,532

Cap Rate

4.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,170,640 $2.2M

Cap Rate 7%

$1,550,457 $1.6M

Cap Rate 9%

$1,205,911 $1.2M

Market Conditions

NOI Build-Up for 2,846 SF

Gross rent

$204.9K $72.00/SF

− Vacancy

−$7.6K −$2.66/SF

EGI

$197.3K $69.34/SF

− OpEx

−$88.8K −$31.20/SF

NOI

$108.5K $38.13/SF

Area

ZIP 10029

Vacancy

3.70%

Lease Rate

$72.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,170,640

Cap Rate 7%

$1,550,457

Cap Rate 9%

$1,205,911

Alternative Uses

Best Use

Apartment 5plus

$1.55M

$1.36M – $1.81M (±1% cap)

NOI $108,532 @ 7.0% cap · market cap 4.35%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$10.15M

$8.88M – $11.85M (±1% cap)

NOI $710,789 @ 7.0% cap · market cap 28.49%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick Law Firm Real Estate Agency Accounting Firm Auto Repair Shop Big Box & Wholesale Store Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

11,250

Businesses Nearby

Explore this area Business Placement

Demographics for 10029, NY

78,141

Population

36,955

Households

2.1

Avg Household Size

36

Median Age

36%

College-Educated

78%

High-School Grad

1.2 sq mi

ZIP Area

65,118

Density / Sq Mi

$38,308

Median Household Income

$41,951

Median Earnings

$1,183

Median Rent

$818,100

Median Home Value

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Residential income property - Corner condominium residence with private parking, skyline views, and full-service building amenities.

Where is this residential income property located?

The property is located at 1399 PARK Avenue PH23 New York City, NY.

What is the asking price?

The asking price for this property is $2,495,000.

What are key features of this property?

This property features: 2,209‑square‑foot corner condominium residence; Four‑bedroom layout with separate bedroom wing; Private parking included