Pre-War Art Deco Co-op
For Sale
$1,025,000
227 57TH ST, New York, NY 10022
Elevated 2 bed, 2 bath co-op with corner living layout, oversized windows, and in-unit washer and dryer.
Property Size1,200 SF
Price / SF$854.17
Days on Market650
Property Features for 227 57TH ST
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Apartment
Amenities
doorman
live-in super
elevator
laundry room
storage
Dishwasher
3
City, City
Building Details
Year Built
1931
Construction
Pre-War Art Deco
Listing Agency:
Corcoran Group
(212) 355-3550
Listed By:
Christopher Knight · License #40KN1173830 (NY)
(617) 281-6551
Source:
Xome
Added: Oct 31, 2024
Changed: Aug 8
Last Checked: Aug 11 at 4:42AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Apartment 16G is a 2-bedroom, 2-bath co-op residence on an elevated floor within a 1931 pre-war Art Deco building. The corner living room includes an adjacent built-in windowed dining area, with multiple oversized windows bringing in north-facing light and skyline views. The kitchen is sized for an eat-in breakfast setup and includes a dishwasher, gas stove, stainless steel refrigerator, and a full-size washer and dryer. Hardwood floors and ceiling heights are featured throughout, with a layout designed to separate the bedrooms.
The primary bedroom is positioned in the eastern portion of the apartment and offers two oversized closets, while the primary bathroom is windowed and includes original pre-war tile details, a tub, and a pedestal sink. The second bedroom is en-suite, with an oversized window, closet space, and a bathroom with a stall shower and pedestal sink. The building offers a full-time doorman, a live-in super, elevators, and additional laundry and basement storage (with a waitlist for storage).
227 East 57th Street is described as being directly across from Whole Foods and near Trader Joe’s, with access to multiple subway lines and shopping along East 57th Street and Madison Avenue. This co-op is pet friendly, and co-purchases and pied-à-terres may be permitted on a case-by-case basis. The building also has a generous subletting policy, allowing rentals after one year of living in the unit as the primary residence.
The primary bedroom is positioned in the eastern portion of the apartment and offers two oversized closets, while the primary bathroom is windowed and includes original pre-war tile details, a tub, and a pedestal sink. The second bedroom is en-suite, with an oversized window, closet space, and a bathroom with a stall shower and pedestal sink. The building offers a full-time doorman, a live-in super, elevators, and additional laundry and basement storage (with a waitlist for storage).
227 East 57th Street is described as being directly across from Whole Foods and near Trader Joe’s, with access to multiple subway lines and shopping along East 57th Street and Madison Avenue. This co-op is pet friendly, and co-purchases and pied-à-terres may be permitted on a case-by-case basis. The building also has a generous subletting policy, allowing rentals after one year of living in the unit as the primary residence.
Key Highlights
- Apartment 16G is a 2‑bedroom, 2‑bath co‑op with corner living layout and elevated‑floor city views
- Multiple oversized windows with skyline views to the north, plus a western‑facing window in the dining area
- Kitchen includes dishwasher, gas stove, stainless steel refrigerator, and a full‑size washer and dryer
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
$37,545
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
3.66%
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%
$750,900
$750.9K
Cap Rate 7%
$536,357
$536.4K
Cap Rate 9%
$417,167
$417.2K
Market Conditions
NOI Build-Up for 1,200 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
$71.9K $59.88/SF
− Vacancy
−$3.6K −$2.99/SF
EGI
$68.3K $56.89/SF
− OpEx
−$30.7K −$25.60/SF
NOI
$37.5K $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%
$750,900
Cap Rate 7%
$536,357
Cap Rate 9%
$417,167
Alternative Uses
Best Use
Apartment 5plus
$536.4K
$469.3K – $625.8K
NOI $37,545 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.99M
$2.61M – $3.48M
NOI $209,088 @ 7.0% cap · market cap 20.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,057
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Elevated 2 bed, 2 bath co-op with corner living layout, oversized windows, and in-unit washer and dryer.
Where is this residential income property located?
The property is located at 227 57TH ST New York, NY.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Apartment 16G is a 2‑bedroom, 2‑bath co‑op with corner living layout and elevated‑floor city views; Multiple oversized windows with skyline views to the north, plus a western‑facing window in the dining area; Kitchen includes dishwasher, gas stove, stainless steel refrigerator, and a full‑size washer and dryer
