Approved-Plan Commercial
For Sale
Contact for pricing
21 Greenwich Ave, New York, NY 10014
Vacant corner site with DOB-approved plans, LPC approval, and access to multiple subway and PATH train lines.
Property Size3,437 SF
Price / SF$2,182
Days on Market124
Property Features for 21 Greenwich Ave
General Information
Standard status
Active
Size
3,437 SF
Property subtype
Multifamily
Building Details
Year Built
1910
Listing Agency:
Buchbinder & Warren
(917) 991-3470
Listed By:
Matthew Olden · License #NY
Source:
Crexi
Added: Apr 30
Changed: Aug 30
Last Checked: Aug 30 at 8:36AM
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 Buchbinder & Warren
Investment Insights
Based on property information with market context.
This vacant commercial land offering occupies a corner position at 21 Greenwich Avenue, also identified as 128 West 10th Street. Approved Department of Buildings plans and LPC approval are included with delivery. The property has 26.2 feet of frontage along Greenwich Avenue and 65 feet along West 10th Street, with a reported property size of 3437. The site is positioned in Greenwich Village and is served by the A, C, E, B, D, F, and M subway lines, along with PATH service. The property information also identifies 1910 as the year built.
Key Highlights
- Vacant commercial land with approved DOB plans and LPC approval
- 26.2’ of frontage on Greenwich Avenue
- 65’ of frontage on West 10th Street
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
$483,670
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
6.45%
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%
$9,673,400
$9.7M
Cap Rate 7%
$6,909,571
$6.9M
Cap Rate 9%
$5,374,111
$5.4M
Market Conditions
NOI Build-Up for 3,437 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
$810.0K $235.68/SF
− Vacancy
−$119.1K −$34.64/SF
EGI
$691.0K $201.04/SF
− OpEx
−$207.3K −$60.31/SF
NOI
$483.7K $140.72/SF
Area
New York, NY
Vacancy
14.70%
Lease Rate
$235.68 /SF/Yr
Expense Ratio
30.00%
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%
$9,673,400
Cap Rate 7%
$6,909,571
Cap Rate 9%
$5,374,111
Alternative Uses
Best Use
Retail
$6.91M
$6.05M – $8.06M
NOI $483,670 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.56M
$7.49M – $9.98M
NOI $598,863 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
34,531
Businesses Nearby
Explore this area
Business Placement
Demographics for 10014, NY
32,590
Population
21,835
Households
1.5
Avg Household Size
37
Median Age
85%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
65,180
Density / Sq Mi
$167,254
Median Household Income
$115,048
Median Earnings
$2,998
Median Rent
$1,294,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Vacant corner site with DOB-approved plans, LPC approval, and access to multiple subway and PATH train lines.
Where is this commercial land located?
The property is located at 21 Greenwich Ave New York, NY.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Vacant commercial land with approved DOB plans and LPC approval; 26.2’ of frontage on Greenwich Avenue; 65’ of frontage on West 10th Street
