1806 High-Floor Loft
For Sale
$999,000
20 Pine Street 1806, New York City, NY 10005
South-facing loft with two oversized windows, open kitchen, in-unit washer/dryer, and two walk-in closets in a condo conversion building.
Property Size1,070 SF
Price / SF$933.64
Days on Market190
Property Features for 20 Pine Street 1806
General Information
Standard status
Active
Size
1,070 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
pool
gym
library lounge
steam room
Turkish hammam
billiards room
golf simulator
25th floor outdoor terrace
in-house dry cleaning
valet services
in-unit washer/dryer
Building Details
Building Size
1,070 SF
Year Built
1928
Tenancy
Single
Listing Agency:
Keller Williams NYC
(917) 821-9402
Listed By:
Aaron Allen
(917) 821-9402
Source:
Howardhannanyc
Added: Jan 28
Changed: Jul 30
Last Checked: Aug 6 at 3:59AM
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.
Apartment 1806 is a high-floor, south-facing loft-style layout with open, protected views through two oversized windows. The oversized great room functions as a one-bedroom plan, with the bedroom located toward the back for added separation and quiet. The unit includes a brand new in-unit washer/dryer, an open kitchen with a Sub-Zero refrigerator, Miele gas range, and Fisher & Paykel dishwasher, plus two walk-in closets.
The bathroom offers both a separate soaking tub and a rain shower. The building is a high-end condo conversion at 20 Pine Street designed by Armani Casa and offers extensive amenities including a pool, gym, library lounge, steam room, Turkish hammam, billiards room, and a 25th floor outdoor terrace with a reflection pool. Residents also have in-house dry cleaning and valet services, along with direct access to the subway for lines 2, 3, 4, 5, J, and Z.
Built in 1928, the property is currently tenant-occupied, and advanced notice is required for showings. The unit size is 1,070 SF.
The bathroom offers both a separate soaking tub and a rain shower. The building is a high-end condo conversion at 20 Pine Street designed by Armani Casa and offers extensive amenities including a pool, gym, library lounge, steam room, Turkish hammam, billiards room, and a 25th floor outdoor terrace with a reflection pool. Residents also have in-house dry cleaning and valet services, along with direct access to the subway for lines 2, 3, 4, 5, J, and Z.
Built in 1928, the property is currently tenant-occupied, and advanced notice is required for showings. The unit size is 1,070 SF.
Key Highlights
- High‑floor, south‑facing loft with open, protected views through two oversized windows
- 1,070 SF loft designed to function as a one‑bedroom plan with bedroom in the back
- Brand new in‑unit washer/dryer
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
$33,477
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
3.35%
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%
$669,540
$669.5K
Cap Rate 7%
$478,243
$478.2K
Cap Rate 9%
$371,967
$372.0K
Market Conditions
NOI Build-Up for 1,070 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
$64.1K $59.88/SF
− Vacancy
−$3.2K −$2.99/SF
EGI
$60.9K $56.89/SF
− OpEx
−$27.4K −$25.60/SF
NOI
$33.5K $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%
$669,540
Cap Rate 7%
$478,243
Cap Rate 9%
$371,967
Alternative Uses
Best Use
Apartment 5plus
$478.2K
$418.5K – $558.0K
NOI $33,477 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.66M
$2.33M – $3.11M
NOI $186,437 @ 7.0% cap · market cap 18.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
32,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 10005, NY
10,639
Population
6,495
Households
1.6
Avg Household Size
31
Median Age
84%
College-Educated
97%
High-School Grad
0.1 sq mi
ZIP Area
106,390
Density / Sq Mi
$211,810
Median Household Income
$133,727
Median Earnings
$3,501
Median Rent
$1,387,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - South-facing loft with two oversized windows, open kitchen, in-unit washer/dryer, and two walk-in closets in a condo conversion building.
Where is this residential income property located?
The property is located at 20 Pine Street 1806 New York City, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: High‑floor, south‑facing loft with open, protected views through two oversized windows; 1,070 SF loft designed to function as a one‑bedroom plan with bedroom in the back; Brand new in‑unit washer/dryer
