Manhattan Mixed-Use Redevelopment
For Sale
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19 W 55th St, New York, NY 10019
10-story, 39,000 SF building primed for luxury conversion.
Property Size34,000 SF
Price / SF$1,088
Days on Market768
Property Features for 19 W 55th St
General Information
Standard status
Active
Size
34,000 SF
Property subtype
Mixed Use
Zoning
c1/6
Occupancy
9%
Investment Type
Value Add
Building Details
Year Built
1920
Buildings
1
Stories
10
Units
28
Listing Agency:
SERHANT
Listed By:
Bernadette Brennan · License #NY 10301221862
(646) 480-7665
Source:
Crexi
Added: Jul 30, 2024
Changed: Aug 16
Last Checked: Sep 2 at 2:39AM
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 SERHANT
Investment Insights
Based on property information with market context.
Located just off Fifth Avenue and neighboring the Peninsula Hotel, 19 West 55th Street is a 10-story building spanning approximately 39,000 square feet. The building is delivered fully gutted and nearly vacant, save for three rent-stabilized units. Previously configured with retail at grade and 29 residential units above, this site is suited for a boutique luxury development or alternative high-end use. A visionary redesign proposes an elegant limestone façade with double-height windows, multiple outdoor terraces, and a striking enclosed colonnade. Plans are in place for a luxury condominium conversion, replete with timeless architectural details. Anchored in the heart of Midtown Manhattan, with Central Park, MoMA, and world-class retail nearby, 19 West 55th Street is attracting top-tier interest, including a potential $42,000/month lease from a renowned restaurateur. Immediate access to the B/D/E/F/M/N/Q/R subway lines provides unmatched convenience and connectivity.
Key Highlights
- Prime Midtown Manhattan location, steps from Fifth Avenue, Central Park, MoMA, and high‑end retail.
- Delivered fully gutted and nearly vacant (except for three rent‑stabilized units), facilitating a seamless transformation.
- Approved plans for a luxury condominium conversion with elegant limestone facade, double‑height windows, and outdoor terraces.
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
$1,083,750
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
2.93%
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%
$21,675,000
$21.7M
Cap Rate 7%
$15,482,143
$15.5M
Cap Rate 9%
$12,041,667
$12.0M
Market Conditions
NOI Build-Up for 34,000 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
$2.04M $60.00/SF
− Vacancy
−$306.0K −$9.00/SF
EGI
$1.73M $51.00/SF
− OpEx
−$650.3K −$19.13/SF
NOI
$1.08M $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%
$21,675,000
Cap Rate 7%
$15,482,143
Cap Rate 9%
$12,041,667
Alternative Uses
Best Use
Mixed Use
$15.48M
$13.55M – $18.06M
NOI $1,083,750 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$84.63M
$74.05M – $98.74M
NOI $5,924,160 @ 7.0% cap · market cap 16.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
63,115
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 10-story, 39,000 SF building primed for luxury conversion.
Where is this mixed-use property located?
The property is located at 19 W 55th St New York, NY.
What is the asking price?
The asking price for this property is $37,000,000.
What are key features of this property?
This property features: Prime Midtown Manhattan location, steps from Fifth Avenue, Central Park, MoMA, and high‑end retail.; Delivered fully gutted and nearly vacant (except for three rent‑stabilized units), facilitating a seamless transformation.; Approved plans for a luxury condominium conversion with elegant limestone facade, double‑height windows, and outdoor terraces.
