High-Floor Studio Residential
New
For Sale
$645,000
20 PINE Street 2905, New York City, NY 10005
South-facing studio with oversized windows, in-unit laundry, and direct indoor access to multiple subway lines.
Property Size598 SF
Price / SF$1,078
Days on Market6
Property Features for 20 PINE Street 2905
General Information
Standard status
Active
Size
598 SF
Property subtype
Apartment
Units
Unit Mix
1 x studio
Multifamily Units
1
Additional Details
HOA Fee
$66.88
Public Transit
Yes
Amenities
in-unit washer/dryer
24-hour doorman and concierge
valet services
fitness center
60-foot lap pool
spa with hammam
resident lounge
billiards room
golf simulator
playroom
landscaped terrace with reflecting pool
Building Details
Building Size
598 SF
Year Built
1928
Tenancy
Single
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 452-4500
Listed By:
Jooyeon Han
(212) 452-4500
Source:
Nilelundgren
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 10 at 9:11AM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
This 598 SF high-floor studio residence at 20 Pine Street features a south-facing orientation, 10.5-foot ceilings, oversized windows, and an open layout. The kitchen, in-unit washer/dryer, and generous closet storage support practical everyday living, while the 1928 building provides a distinctive residential setting.
Resident amenities include a 24-hour doorman and concierge, valet services, fitness center, 60-foot lap pool, spa with hammam, lounge, billiards room, golf simulator, playroom, and landscaped terrace with reflecting pool. A private indoor subway entrance connects directly to the 2, 3, 4, and 5 lines. The property is in Manhattan’s Financial District, near Brookfield Place, the Seaport District, Whole Foods, waterfront parks, restaurants, shopping, and additional subway service.
Resident amenities include a 24-hour doorman and concierge, valet services, fitness center, 60-foot lap pool, spa with hammam, lounge, billiards room, golf simulator, playroom, and landscaped terrace with reflecting pool. A private indoor subway entrance connects directly to the 2, 3, 4, and 5 lines. The property is in Manhattan’s Financial District, near Brookfield Place, the Seaport District, Whole Foods, waterfront parks, restaurants, shopping, and additional subway service.
Key Highlights
- 598 SF south‑facing studio at 20 Pine Street
- 10.5‑foot ceilings and oversized windows
- In‑unit washer/dryer with abundant closet storage
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
$18,710
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
2.90%
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%
$374,200
$374.2K
Cap Rate 7%
$267,286
$267.3K
Cap Rate 9%
$207,889
$207.9K
Market Conditions
NOI Build-Up for 598 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
$35.8K $59.88/SF
− Vacancy
−$1.8K −$2.99/SF
EGI
$34.0K $56.89/SF
− OpEx
−$15.3K −$25.60/SF
NOI
$18.7K $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%
$374,200
Cap Rate 7%
$267,286
Cap Rate 9%
$207,889
Alternative Uses
Best Use
Apartment 5plus
$267.3K
$233.9K – $311.8K
NOI $18,710 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,196 @ 7.0% cap · market cap 16.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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 studio with oversized windows, in-unit laundry, and direct indoor access to multiple subway lines.
Where is this residential income property located?
The property is located at 20 PINE Street 2905 New York City, NY.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 598 SF south‑facing studio at 20 Pine Street; 10.5‑foot ceilings and oversized windows; In‑unit washer/dryer with abundant closet storage
