Multi-Story Office
For Sale
Contact for pricing
162 W 56th St, New York, NY 10019
Entire 2nd through 5th floors offer 27,450 RSF with dedicated commercial lobby and private bathrooms in each unit.
Property Size27,450 SF
Price / SF$364.30
Days on Market635
Property Features for 162 W 56th St
General Information
Standard status
Active
Size
27,450 SF
Property subtype
OFFICE
Additional Details
Business Included
No
Office Units
28
Amenities
private bathroom
dedicated commercial lobby
modernized elevator
dedicated attended lobby
24/7 doorman
Building Details
Stories
18
Tenancy
Multi
Listing Agency:
Loria Real Estate
(212) 989-4452
Listed By:
Caravaggio Loria · License #10351211218
(917) 386-3245
Source:
Moodyscre
Added: Dec 19, 2024
Changed: Sep 8
Last Checked: Sep 15 at 11:34AM
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 Loria Real Estate
Investment Insights
Based on property information with market context.
Carnegie Plaza Condominium presents an entire multi-floor commercial office suite comprising floors 2 through 5. The space totals 27,450 rentable square feet and includes a dedicated commercial lobby. Across the four floors, there are seven office units per floor, with various floor plans and unit sizes. Each office unit includes a private bathroom.
The building is an 18-story corner property at 7th Avenue and 56th Street, positioned directly across from Carnegie Hall. The commercial space is described as being approximately one block from both the NRQW and F train, and is within minutes of landmarks including Times Square, Central Park, and Columbus Circle.
Building amenities supporting exclusive office access include a modernized elevator servicing the offices. The commercial office lobby is connected to the residential lobby, which has a 24/7 doorman, and the property also features an own dedicated attended lobby. The unit is being delivered with tenants in place.
The building is an 18-story corner property at 7th Avenue and 56th Street, positioned directly across from Carnegie Hall. The commercial space is described as being approximately one block from both the NRQW and F train, and is within minutes of landmarks including Times Square, Central Park, and Columbus Circle.
Building amenities supporting exclusive office access include a modernized elevator servicing the offices. The commercial office lobby is connected to the residential lobby, which has a 24/7 doorman, and the property also features an own dedicated attended lobby. The unit is being delivered with tenants in place.
Key Highlights
- Entire 2nd–5th floors for a commercial unit with 27,450 RSF plus a dedicated commercial lobby
- 18‑story corner building at 7th Avenue and 56th Street with a modernized elevator servicing the offices exclusively
- Four office floors with 7 office units per floor (28 total) and private bathrooms in every unit
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
$859,534
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
8.60%
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%
$17,190,680
$17.2M
Cap Rate 7%
$12,279,057
$12.3M
Cap Rate 9%
$9,550,378
$9.6M
Market Conditions
NOI Build-Up for 27,450 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
$1.41M $51.48/SF
− Vacancy
−$267.1K −$9.73/SF
EGI
$1.15M $41.75/SF
− OpEx
−$286.5K −$10.44/SF
NOI
$859.5K $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%
$17,190,680
Cap Rate 7%
$12,279,057
Cap Rate 9%
$9,550,378
Alternative Uses
Best Use
Office B
$12.28M
$10.74M – $14.33M
NOI $859,534 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$68.33M
$59.79M – $79.71M
NOI $4,782,888 @ 7.0% cap · market cap 47.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
28
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
49,382
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Entire 2nd through 5th floors offer 27,450 RSF with dedicated commercial lobby and private bathrooms in each unit.
Where is this office units located?
The property is located at 162 W 56th St New York, NY.
What is the asking price?
The asking price for this property is $10,000,000.
What are key features of this property?
This property features: Entire 2nd–5th floors for a commercial unit with 27,450 RSF plus a dedicated commercial lobby; 18‑story corner building at 7th Avenue and 56th Street with a modernized elevator servicing the offices exclusively; Four office floors with 7 office units per floor (28 total) and private bathrooms in every unit
