Prewar Cooperative Residence with Flexible
For Sale
$655,000
227 E 57th Street 5-D, New York City, NY 10022
Light-filled one-bedroom cooperative with south and north exposures plus an additional room for home office or den.
Property Size790 SF
Days on Market67
Property Features for 227 E 57th Street 5-D
General Information
Standard status
Active
Size
790 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
doorman
live-in superintendent
bike room
laundry room
storage
pet-friendly
lobby
Building Details
Building Size
790 SF
Year Built
1930
Construction
red-brick
Listing Agency:
William Raveis New York City LLC
(646) 684-4599
Listed By:
Danka Pinkosova
(646) 684-4599
Source:
Serhant
Added: Jun 6
Changed: Aug 8
Last Checked: Aug 10 at 9:36AM
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 William Raveis New York City LLC
Investment Insights
Based on property information with market context.
This prewar cooperative residence offers a light-filled one-bedroom, one-bathroom layout with a separate office, den, or guest room. The home includes an entry foyer with coat closet, a spacious south-facing living room, a bright king-sized bedroom, and both a windowed kitchen and windowed bathroom. With southern and northern exposures, the apartment is designed for flexible day-to-day use.
The building is a classic red-brick, prewar structure originally constructed as a hotel in 1930 and converted to a cooperative in the 1980s. Local Law 11 was completed last year, and the building’s gas risers were updated this year. Residents benefit from a newly renovated Art Deco-style lobby and updated hallways, along with full-service amenities including a full-time doorman, live-in superintendent, bike room, laundry room, and additional storage. The building is pet-friendly.
Unit ownership also comes with cooperative policy highlights, including unlimited subletting after one year of ownership, as well as pied-a-terre purchases and co-purchases. The building is directly across from Whole Foods and positioned near major transportation, shopping, and dining.
The building is a classic red-brick, prewar structure originally constructed as a hotel in 1930 and converted to a cooperative in the 1980s. Local Law 11 was completed last year, and the building’s gas risers were updated this year. Residents benefit from a newly renovated Art Deco-style lobby and updated hallways, along with full-service amenities including a full-time doorman, live-in superintendent, bike room, laundry room, and additional storage. The building is pet-friendly.
Unit ownership also comes with cooperative policy highlights, including unlimited subletting after one year of ownership, as well as pied-a-terre purchases and co-purchases. The building is directly across from Whole Foods and positioned near major transportation, shopping, and dining.
Key Highlights
- One‑bedroom, one‑bath layout with a separate office, den, or guest room
- Southern and northern exposures for natural light throughout the day
- Red‑brick prewar building built as a hotel in 1930 and converted to a cooperative in the 1980s
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
$24,717
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
3.77%
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%
$494,340
$494.3K
Cap Rate 7%
$353,100
$353.1K
Cap Rate 9%
$274,633
$274.6K
Market Conditions
NOI Build-Up for 790 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
$47.3K $59.88/SF
− Vacancy
−$2.4K −$2.99/SF
EGI
$44.9K $56.89/SF
− OpEx
−$20.2K −$25.60/SF
NOI
$24.7K $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%
$494,340
Cap Rate 7%
$353,100
Cap Rate 9%
$274,633
Alternative Uses
Best Use
Apartment 5plus
$353.1K
$309.0K – $412.0K
NOI $24,717 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.97M
$1.72M – $2.29M
NOI $137,650 @ 7.0% cap · market cap 21.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
52,828
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 - Light-filled one-bedroom cooperative with south and north exposures plus an additional room for home office or den.
Where is this residential income property located?
The property is located at 227 E 57th Street 5-D New York City, NY.
What is the asking price?
The asking price for this property is $655,000.
What are key features of this property?
This property features: One‑bedroom, one‑bath layout with a separate office, den, or guest room; Southern and northern exposures for natural light throughout the day; Red‑brick prewar building built as a hotel in 1930 and converted to a cooperative in the 1980s
