Two-Bedroom Residential
For Sale
$799,000
220 MANHATTAN AVE, New York, NY 10026
Updated kitchen and bath, ample storage, and new through-wall AC units enhance this second-floor residence.
Property Size839 SF
Price / SF$952.32
Days on Market201
Property Features for 220 MANHATTAN AVE
General Information
Standard status
Active
Size
839 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Amenities
private landscaped gardens
recreation room
reservable party rooms
A/C - Other
3
Other.
Building Details
Year Built
1988
Listing Agency:
(212) 896-8600
Listed By:
Argo Residential
(516) 398-4850
Source:
Xome
Added: Feb 17
Changed: Sep 2
Last Checked: Sep 6 at 5:17AM
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 Argo Residential
Investment Insights
Based on property information with market context.
This second-floor, two-bedroom apartment at 220 Manhattan Ave Unit 1U offers south-facing exposure across the condominium’s landscaped courtyard. The residence includes an updated kitchen and bathroom, storage throughout, new closet doors, and newly installed toilet and vanity. Through-wall AC units have been added to each room. The building was completed in 1988.
Towers on the Park Condominium comprises three towers at the northwest corner of Central Park. Building services include a 24-hour staffed front desk, on-site management office, and maintenance team. A full supermarket is located within the building, with a 24-hour deli across the street and cafés on the circle. Dining is available along Frederick Douglass Boulevard, Columbus Avenue, Broadway, and Amsterdam Avenue. Columbia University, Mount Sinai, Central Park, and Morningside Park are nearby. Residents also have access to private landscaped gardens, a recreation room, and two reservable party rooms.
Towers on the Park Condominium comprises three towers at the northwest corner of Central Park. Building services include a 24-hour staffed front desk, on-site management office, and maintenance team. A full supermarket is located within the building, with a 24-hour deli across the street and cafés on the circle. Dining is available along Frederick Douglass Boulevard, Columbus Avenue, Broadway, and Amsterdam Avenue. Columbia University, Mount Sinai, Central Park, and Morningside Park are nearby. Residents also have access to private landscaped gardens, a recreation room, and two reservable party rooms.
Key Highlights
- Second‑floor, two‑bedroom apartment with south‑facing courtyard exposure
- Updated kitchen and bathroom with new closet doors, toilet, and vanity
- New through‑wall AC units installed in each room
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
$26,250
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
3.29%
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%
$525,000
$525.0K
Cap Rate 7%
$375,000
$375.0K
Cap Rate 9%
$291,667
$291.7K
Market Conditions
NOI Build-Up for 839 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
$50.2K $59.88/SF
− Vacancy
−$2.5K −$2.99/SF
EGI
$47.7K $56.89/SF
− OpEx
−$21.5K −$25.60/SF
NOI
$26.3K $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%
$525,000
Cap Rate 7%
$375,000
Cap Rate 9%
$291,667
Alternative Uses
Best Use
Apartment 5plus
$375.0K
$328.1K – $437.5K
NOI $26,250 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.09M
$1.83M – $2.44M
NOI $146,187 @ 7.0% cap · market cap 18.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
8,614
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated kitchen and bath, ample storage, and new through-wall AC units enhance this second-floor residence.
Where is this residential income property located?
The property is located at 220 MANHATTAN AVE New York, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Second‑floor, two‑bedroom apartment with south‑facing courtyard exposure; Updated kitchen and bathroom with new closet doors, toilet, and vanity; New through‑wall AC units installed in each room
