Seven-Story Mixed-Use
For Sale
$7,000,000
223 E 2nd Street, New York City, NY 10009
Historic masonry property combines six loft units, street-level commercial space, and a full basement.
Property Size15,185 SF
Lot Size0.05 Acres
Price / SF$460.98
Days on Market149
Property Features for 223 E 2nd Street
General Information
Standard status
Active
Size
15,185 SF
Class
C4
Elevators
No
Lot size
0.05 Acres
Property subtype
Multi Family
Zoning
Conv Ind/Com Residential
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$97,533
Amenities
rooftop
Building Details
Building Size
15,185 SF
Year Built
1900
Buildings
1
Stories
7
Construction
masonry
Listing Agency:
Compass
Listed By:
Esteban Gomez · License #10401245093
(646) 934-2776
Source:
Carlinwright
Added: Jun 9
Changed: Oct 31
Last Checked: Nov 3 at 2:13PM
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 Compass
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Investment Insights
Based on property information with market context.
This seven-story mixed-use property, built in 1900, contains 15,185 square feet of gross floor area, including 13,260 square feet of residential space across six units and 1,925 square feet of ground-floor commercial space. The building features a brick facade with ornate terracotta detailing, original wrought iron balustrade stairs, a full basement, and an existing elevator shaft with infrastructure in place for future installation. Residential floors include loft-scale layouts, ceiling heights ranging from 9'10" to 10'9", a penthouse configuration on the seventh floor, and a private terrace on the second floor. The flat rooftop offers open Manhattan skyline views.
The property is located at 223 East 2nd Street in New York City, near Tompkins Square Park, independent galleries, chef-driven restaurants, and the Lower East Side. It is classified as Building Class C4 -- Old Law Tenement, with Tax Class 2B and Conv Ind/Com Residential zoning. The building was registered as an IMD, with 1 unit covered and 1 coverage application filed. It will be delivered vacant except for Units #3 and #4.
The property is located at 223 East 2nd Street in New York City, near Tompkins Square Park, independent galleries, chef-driven restaurants, and the Lower East Side. It is classified as Building Class C4 -- Old Law Tenement, with Tax Class 2B and Conv Ind/Com Residential zoning. The building was registered as an IMD, with 1 unit covered and 1 coverage application filed. It will be delivered vacant except for Units #3 and #4.
Key Highlights
- 15,185 square feet of gross floor area with 13,260 square feet residential and 1,925 square feet commercial
- Six open loft units plus 1,925 square feet of ground‑floor commercial space
- Seven‑story masonry walk‑up built in 1900 with brick, terracotta, carved stonework, and decorative cornice
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$484,022
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,680,440
$9.7M
Cap Rate 7%
$6,914,600
$6.9M
Cap Rate 9%
$5,378,022
$5.4M
Market Conditions
NOI Build-Up for 15,185 SF
Gross rent
$911.1K $60.00/SF
− Vacancy
−$136.7K −$9.00/SF
EGI
$774.4K $51.00/SF
− OpEx
−$290.4K −$19.13/SF
NOI
$484.0K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,680,440
Cap Rate 7%
$6,914,600
Cap Rate 9%
$5,378,022
Alternative Uses
Best Use
Retail
$30.53M
$26.71M – $35.62M
NOI $2,136,902 @ 7.0% cap · market cap 30.53%
Second Best
Mixed Use
$6.91M
$6.05M – $8.07M
NOI $484,022 @ 7.0% cap · market cap 6.91%
Theoretical Best
Specialty Retail
$37.80M
$33.07M – $44.10M
NOI $2,645,834 @ 7.0% cap · market cap 37.80%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
14,954
Businesses Nearby
Explore this area
Business Placement
Demographics for 10009, NY
61,716
Population
32,375
Households
1.9
Avg Household Size
36
Median Age
63%
College-Educated
87%
High-School Grad
0.6 sq mi
ZIP Area
102,860
Density / Sq Mi
$87,963
Median Household Income
$84,069
Median Earnings
$1,925
Median Rent
$690,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic masonry property combines six loft units, street-level commercial space, and a full basement.
Where is this mixed-use property located?
The property is located at 223 E 2nd Street New York City, NY.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 15,185 square feet of gross floor area with 13,260 square feet residential and 1,925 square feet commercial; Six open loft units plus 1,925 square feet of ground‑floor commercial space; Seven‑story masonry walk‑up built in 1900 with brick, terracotta, carved stonework, and decorative cornice
