Studio with Central Park
For Sale
$435,000
Pending
2025 BROADWAY 23G, New York, NY 10023
High-floor studio featuring direct Central Park views and 24-hour doorman.
Property Size406 SF
Days on Market258
Property Features for 2025 BROADWAY 23G
General Information
Standard status
Pending
Size
406 SF
Property subtype
Residential
Building Details
Building Size
406 SF
Year Built
1977
Listing Agency:
(212) 877-9800
Listed By:
Bernard Gelb
(212) 877-9800
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 12 at 8:28AM
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 Bernard Gelb
Investment Insights
Based on property information with market context.
This high-floor studio apartment offers direct views of Central Park. The building features a roof garden and a 24-hour doorman. This is a sponsor apartment, and no board approval is required.
Key Highlights
- Direct views of Central Park
- No board approval required (Sponsor Apartment)
- 24‑hour doorman
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
$12,755
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%
$255,100
$255.1K
Cap Rate 7%
$182,214
$182.2K
Cap Rate 9%
$141,722
$141.7K
Market Conditions
NOI Build-Up for 406 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
$24.4K $60.00/SF
− Vacancy
−$1.2K −$2.88/SF
EGI
$23.2K $57.12/SF
− OpEx
−$10.4K −$25.70/SF
NOI
$12.8K $31.42/SF
Area
ZIP 10023
Vacancy
4.80%
Lease Rate
$60.00 /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%
$255,100
Cap Rate 7%
$182,214
Cap Rate 9%
$141,722
Alternative Uses
Best Use
Apartment 5plus
$182.2K
$159.4K – $212.6K
NOI $12,755 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$288.7K
$252.6K – $336.8K
NOI $20,207 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
12,519
Businesses Nearby
Explore this area
Business Placement
Demographics for 10023, NY
71,164
Population
46,272
Households
1.5
Avg Household Size
42
Median Age
84%
College-Educated
98%
High-School Grad
1.0 sq mi
ZIP Area
71,164
Density / Sq Mi
$157,866
Median Household Income
$109,508
Median Earnings
$3,050
Median Rent
$1,401,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - High-floor studio featuring direct Central Park views and 24-hour doorman.
Where is this apartment building located?
The property is located at 2025 BROADWAY 23G New York, NY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Direct views of Central Park; No board approval required (Sponsor Apartment); 24‑hour doorman
