High-Floor Residential Income
New
For Sale
$800,000
170-180 Park Row 23D, New York City, NY 10007
Corner residence with expansive views, generous rooms, and a full-renovation opportunity within a full-service cooperative.
Property Size800 SF
Price / SF$1,000
Days on Market4
Property Features for 170-180 Park Row 23D
General Information
Standard status
Active
Size
800 SF
Property subtype
Apartment
Property Condition
Severity
Major Repairs Needed
Evidence
In need of a full renovation
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
24-hour doorman
live-in superintendent
porters
common laundry
underground parking
Building Details
Year Built
1965
Stories
25
Listing Agency:
Keller Williams NYC
Listed By:
David H Kong
(917) 755-9380
Source:
Miradorrealestate
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 2 at 7:13PM
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 Keller Williams NYC
Investment Insights
Based on property information with market context.
Residence 23D is an approximately 800-square-foot corner one-bedroom on the 23rd floor of Chatham Towers. The apartment requires a full renovation and offers a substantial living room, separate dining area, king-size bedroom, entry foyer, and multiple closets. Several exposures bring natural light and broad outlooks toward Manhattan, the East River, Brooklyn, and prominent city landmarks.
Chatham Towers consists of two 25-story mid-century cooperative buildings at 170 and 180 Park Row, completed in 1965. The property includes a landscaped central garden, 24-hour doorman service, live-in superintendent, porters, common laundry, and underground parking available to owners. Electricity is included in maintenance at a flat monthly charge. The complex sits near Tribeca, Chinatown, the Financial District, the Lower East Side, Seaport, and SoHo, with subway service, restaurants, shopping, and neighborhood amenities nearby.
Chatham Towers consists of two 25-story mid-century cooperative buildings at 170 and 180 Park Row, completed in 1965. The property includes a landscaped central garden, 24-hour doorman service, live-in superintendent, porters, common laundry, and underground parking available to owners. Electricity is included in maintenance at a flat monthly charge. The complex sits near Tribeca, Chinatown, the Financial District, the Lower East Side, Seaport, and SoHo, with subway service, restaurants, shopping, and neighborhood amenities nearby.
Key Highlights
- 23rd‑floor corner one‑bedroom residence measuring approximately 800 square feet
- Sweeping outlooks toward Manhattan, the East River, Brooklyn, and city landmarks
- Full‑renovation opportunity with a separate dining area and generously sized rooms
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
$25,030
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
3.13%
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%
$500,600
$500.6K
Cap Rate 7%
$357,571
$357.6K
Cap Rate 9%
$278,111
$278.1K
Market Conditions
NOI Build-Up for 800 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
$47.9K $59.88/SF
− Vacancy
−$2.4K −$2.99/SF
EGI
$45.5K $56.89/SF
− OpEx
−$20.5K −$25.60/SF
NOI
$25.0K $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%
$500,600
Cap Rate 7%
$357,571
Cap Rate 9%
$278,111
Alternative Uses
Best Use
Apartment 5plus
$357.6K
$312.9K – $417.2K
NOI $25,030 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,392 @ 7.0% cap · market cap 17.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
36,022
Businesses Nearby
Explore this area
Business Placement
Demographics for 10007, NY
8,421
Population
3,711
Households
2.3
Avg Household Size
35
Median Age
86%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
42,105
Density / Sq Mi
$250,001
Median Household Income
$150,470
Median Earnings
$3,501
Median Rent
$2,000,001
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner residence with expansive views, generous rooms, and a full-renovation opportunity within a full-service cooperative.
Where is this residential income property located?
The property is located at 170-180 Park Row 23D New York City, NY.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 23rd‑floor corner one‑bedroom residence measuring approximately 800 square feet; Sweeping outlooks toward Manhattan, the East River, Brooklyn, and city landmarks; Full‑renovation opportunity with a separate dining area and generously sized rooms
