Upper East Side Office
For Sale
Contact for pricing
184 East 70th St, New York, NY 10021
2,500 SF office condo in Manhattan's medical corridor.
Property Size2,500 SF
Price / SF$900
Days on Market170
Property Features for 184 East 70th St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Office
Listing Agency:
Kalbo Real Estate
Listed By:
Mike Kalbo · License #31KA0926651
Source:
Crexi
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 10 at 3:24PM
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 Kalbo Real Estate
Investment Insights
Based on property information with market context.
Located on East 70th Street between Lexington Avenue and Third Avenue in Lenox Hill, this approximately 2,500 SF office condo is situated in the heart of Manhattan’s premier medical corridor. The property is near Lenox Hill Hospital, Weill Cornell Medicine, Hospital for Special Surgery, and Memorial Sloan Kettering Cancer Center. Configured into 17 rooms, it includes 3 bathrooms, a reception area, and a waiting room. Previously occupied by NYU Langone, the space is flexible and suitable for medical, wellness, professional services, or general office use. The property features a separate office entrance from the residential tenants and a dedicated elevator serving the office component. The real estate taxes are $15,250 per year, and the common charges are $5,351 per month. It is ideal for owner-users and investors.
Key Highlights
- Prime Upper East Side location in Manhattan's premier medical corridor, near major hospitals
- Approximately 2,500 SF configured with 17 rooms and 3 bathrooms
- Separate office entrance and dedicated elevator
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
$78,282
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
3.48%
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%
$1,565,640
$1.6M
Cap Rate 7%
$1,118,314
$1.1M
Cap Rate 9%
$869,800
$869.8K
Market Conditions
NOI Build-Up for 2,500 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
$128.7K $51.48/SF
− Vacancy
−$24.3K −$9.73/SF
EGI
$104.4K $41.75/SF
− OpEx
−$26.1K −$10.44/SF
NOI
$78.3K $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%
$1,565,640
Cap Rate 7%
$1,118,314
Cap Rate 9%
$869,800
Alternative Uses
Best Use
Office B
$1.12M
$978.5K – $1.30M
NOI $78,282 @ 7.0% cap · market cap 3.48%
Second Best
Healthcare Medical
$1.06M
$931.5K – $1.24M
NOI $74,520 @ 7.0% cap · market cap 3.31%
Theoretical Best
Specialty Retail
$6.22M
$5.45M – $7.26M
NOI $435,600 @ 7.0% cap · market cap 19.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
31,051
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10021, NY
45,691
Population
29,248
Households
1.6
Avg Household Size
41
Median Age
81%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
114,228
Density / Sq Mi
$156,712
Median Household Income
$99,886
Median Earnings
$3,002
Median Rent
$1,529,600
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?
Medical Office Space - 2,500 SF office condo in Manhattan's medical corridor.
Where is this medical office space located?
The property is located at 184 East 70th St New York, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Prime Upper East Side location in Manhattan's premier medical corridor, near major hospitals; Approximately 2,500 SF configured with 17 rooms and 3 bathrooms; Separate office entrance and dedicated elevator
