Vacant Six-Story Mixed-Use
For Sale
Contact for pricing
160 Pearl Street, New York, NY 10005
Vacant six-story building on a Manhattan Financial District lot with C5-5 density and as-of-right mixed-use zoning capacity.
Property Size22,615 SF
Lot Size4.24 Acres
Price / SF$884.37
Days on Market64
Property Features for 160 Pearl Street
General Information
Standard status
Active
Size
22,615 SF
Lot size
4.24 Acres
Property subtype
Mixed Use, Land
Zoning
C5-5
Building Details
Year Built
1900
Stories
6
Listing Agency:
JA Cohen Advisory Group LLC
(347) 244-2226
Listed By:
Jack A. Cohen · License #NY 10491209522
Source:
Crexi
Added: Jun 6
Changed: Jul 10
Last Checked: Aug 7 at 9:56AM
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 JA Cohen Advisory Group LLC
Investment Insights
Based on property information with market context.
160 Pearl Street presents a vacant six-story commercial building for redevelopment on a 4,235 SF lot. The property benefits from as-of-right zoning capacity supported by an April 2026 building program from ARK Design, showing a 22-floor, 73-unit, 255-foot mixed-use tower concept. Per the program, the development would place commercial space on floors 1–2 and residential use on floors 3–22, producing total as-of-right zoning area of 56,373 SF (50,083 SF residential and 6,290 SF commercial) without requiring special permits, variances, or discretionary approvals.
The site is zoned C5-5 within the Special Lower Manhattan District. The provided zoning framework includes independent residential and commercial envelopes, with residential FAR of 10 and commercial FAR of 15. The property is described as located immediately adjacent to the South Street Seaport, now positioned as a dining, entertainment, and cultural destination.
For qualified developers and investors, this offering combines a C5-5 designation with a documented mixed-use redevelopment pathway under the supplied program. The seller is also presenting a comprehensive ND Architecture zoning study, and the materials note potential additional development capacity via the transfer of landmark air rights under ZR 91-A6. A projected value of $35,343,340 is included within the presented ARK Design program.
The site is zoned C5-5 within the Special Lower Manhattan District. The provided zoning framework includes independent residential and commercial envelopes, with residential FAR of 10 and commercial FAR of 15. The property is described as located immediately adjacent to the South Street Seaport, now positioned as a dining, entertainment, and cultural destination.
For qualified developers and investors, this offering combines a C5-5 designation with a documented mixed-use redevelopment pathway under the supplied program. The seller is also presenting a comprehensive ND Architecture zoning study, and the materials note potential additional development capacity via the transfer of landmark air rights under ZR 91-A6. A projected value of $35,343,340 is included within the presented ARK Design program.
Key Highlights
- Vacant six‑story commercial building built in 1900
- Zoned C5‑5 in the Special Lower Manhattan District with residential FAR 10 and commercial FAR 15 (independent envelopes)
- As‑of‑right zoning area totals 56,373 SF, including 50,083 SF residential and 6,290 SF commercial
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
$707,562
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
3.54%
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%
$14,151,240
$14.2M
Cap Rate 7%
$10,108,029
$10.1M
Cap Rate 9%
$7,861,800
$7.9M
Market Conditions
NOI Build-Up for 22,615 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
$1.35M $59.88/SF
− Vacancy
−$67.7K −$2.99/SF
EGI
$1.29M $56.89/SF
− OpEx
−$578.9K −$25.60/SF
NOI
$707.6K $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%
$14,151,240
Cap Rate 7%
$10,108,029
Cap Rate 9%
$7,861,800
Alternative Uses
Best Use
Office B
$10.12M
$8.85M – $11.80M
NOI $708,137 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$10.11M
$8.84M – $11.79M
NOI $707,562 @ 7.0% cap · market cap 3.54%
Theoretical Best
Specialty Retail
$56.29M
$49.26M – $65.67M
NOI $3,940,438 @ 7.0% cap · market cap 19.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
27,774
Businesses Nearby
Explore this area
Business Placement
Demographics for 10005, NY
10,639
Population
6,495
Households
1.6
Avg Household Size
31
Median Age
84%
College-Educated
97%
High-School Grad
0.1 sq mi
ZIP Area
106,390
Density / Sq Mi
$211,810
Median Household Income
$133,727
Median Earnings
$3,501
Median Rent
$1,387,200
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?
Apartment building - Vacant six-story building on a Manhattan Financial District lot with C5-5 density and as-of-right mixed-use zoning capacity.
Where is this apartment building located?
The property is located at 160 Pearl Street New York, NY.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: Vacant six‑story commercial building built in 1900; Zoned C5‑5 in the Special Lower Manhattan District with residential FAR 10 and commercial FAR 15 (independent envelopes); As‑of‑right zoning area totals 56,373 SF, including 50,083 SF residential and 6,290 SF commercial
