Private-Floor Prewar Creative
For Sale
$3,250,000
17 W 17TH Street 2, New York City, NY 10011
Private floor prewar loft with key-locked elevator access, 12-foot ceilings, and oversized north- and south-facing windows.
Property Size4,600 SF
Price / SF$706.52
Days on Market49
Property Features for 17 W 17TH Street 2
General Information
Standard status
Active
Size
4,600 SF
Property subtype
Apartment
Amenities
virtual doorman
full-time superintendent
passenger elevator
freight elevator
Building Details
Building Size
4,600 SF
Year Built
1915
Listing Agency:
Corcoran Group
Listed By:
James A Weiss · License #10401295360
(201) 956-8739
Source:
Philipscheinfeld
Added: Jul 27
Changed: Sep 10
Last Checked: Sep 13 at 10:44AM
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.
This private-floor prewar loft offers approximately 4,600 square feet across an entire enclosed level. Currently configured as a photography studio, it is delivered with a commercial Certificate of Occupancy, with the option for an as-of-right residential conversion to be independently verified by the purchaser and completed after closing.
Exclusive key-locked elevator access opens directly into the loft, providing privacy. A dedicated passenger elevator and a separate freight elevator support effortless movement of furnishings, artwork, construction materials, equipment, and inventory.
The space is built around soaring 12-foot ceilings and oversized north- and south-facing windows, creating dramatic open proportions and abundant natural light. With a flexible layout, the footprint can accommodate multiple bedroom configurations, plus expansive living and entertaining areas, and multiple bathrooms. The loft sits within a classic Flatiron loft building with a virtual doorman and full-time superintendent. The building permits pets, washer/dryer installations, pied-à-terres, and live/work use. The property was built in 1915.
Exclusive key-locked elevator access opens directly into the loft, providing privacy. A dedicated passenger elevator and a separate freight elevator support effortless movement of furnishings, artwork, construction materials, equipment, and inventory.
The space is built around soaring 12-foot ceilings and oversized north- and south-facing windows, creating dramatic open proportions and abundant natural light. With a flexible layout, the footprint can accommodate multiple bedroom configurations, plus expansive living and entertaining areas, and multiple bathrooms. The loft sits within a classic Flatiron loft building with a virtual doorman and full-time superintendent. The building permits pets, washer/dryer installations, pied-à-terres, and live/work use. The property was built in 1915.
Key Highlights
- Approximately 4,600 square feet across an entire private floor
- Key‑locked elevator access opens directly into the loft
- 12‑foot ceilings and oversized north- and south‑facing windows
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
$146,625
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
4.51%
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%
$2,932,500
$2.9M
Cap Rate 7%
$2,094,643
$2.1M
Cap Rate 9%
$1,629,167
$1.6M
Market Conditions
NOI Build-Up for 4,600 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
$276.0K $60.00/SF
− Vacancy
−$41.4K −$9.00/SF
EGI
$234.6K $51.00/SF
− OpEx
−$88.0K −$19.13/SF
NOI
$146.6K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,932,500
Cap Rate 7%
$2,094,643
Cap Rate 9%
$1,629,167
Alternative Uses
Best Use
Mixed Use
$2.09M
$1.83M – $2.44M
NOI $146,625 @ 7.0% cap · market cap 4.51%
Second Best
Office B
$2.06M
$1.80M – $2.40M
NOI $144,038 @ 7.0% cap · market cap 4.43%
Theoretical Best
Specialty Retail
$11.45M
$10.02M – $13.36M
NOI $801,504 @ 7.0% cap · market cap 24.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
51,791
Businesses Nearby
Explore this area
Business Placement
Demographics for 10011, NY
53,318
Population
35,049
Households
1.5
Avg Household Size
39
Median Age
79%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
88,863
Density / Sq Mi
$146,571
Median Household Income
$113,503
Median Earnings
$2,868
Median Rent
$1,165,800
Median Home Value
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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?
Creative space - Private floor prewar loft with key-locked elevator access, 12-foot ceilings, and oversized north- and south-facing windows.
Where is this creative space located?
The property is located at 17 W 17TH Street 2 New York City, NY.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Approximately 4,600 square feet across an entire private floor; Key‑locked elevator access opens directly into the loft; 12‑foot ceilings and oversized north- and south‑facing windows
