Loft-Style Multifamily Co-op with High
For Sale
$895,000
244 MADISON Avenue 16A, New York City, NY 10016
Loft-style 1+ bedroom co-op with 12-foot ceilings, oversized west-facing windows, and full-service amenities including 24-hour doorman.
Property Size975 SF
Price / SF$917.95
Days on Market138
Property Features for 244 MADISON Avenue 16A
General Information
Standard status
Active
Size
975 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
24-hour doorman
live-in superintendent
laundry facility
rooftop deck
Building Details
Building Size
975 SF
Year Built
1916
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 381-3270
Listed By:
Fern J Hammond
(212) 381-3270
Source:
Cbwarburg
Added: Mar 26
Changed: Aug 8
Last Checked: Aug 10 at 9:29AM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
This loft-style 1+ bedroom co-op residence offers approximately 975 SF of living space with soaring 12-foot ceilings. Oversized west-facing windows bring in natural light, and the layout includes a spacious chef’s kitchen with stainless steel appliances, stone countertops, a dishwasher, and a wine fridge, plus extensive cabinet space. A built-for-entertaining living room features a custom 15-foot buffet console, and the raised dining area is currently used as a second bedroom. The king-sized primary bedroom includes a separate office nook, an enormous closet spanning 11 feet wide, and multiple additional storage and custom closet areas. The renovated bathroom includes a full bathtub with shower and is located adjacent to the primary bedroom. A washer and dryer are allowed with board approval.
The building is a full-service prewar cooperative built in 1916, with a 24-hour doorman and a live-in superintendent. It also includes a new laundry facility on the lobby level and a landscaped rooftop deck with panoramic city views. Unlimited subletting is permitted after two years of ownership, and the building supports flexible ownership structures including pied-à-terre, co-purchasing, and gifting. Access to multiple subway lines is available nearby, with transportation throughout the area.
The building is a full-service prewar cooperative built in 1916, with a 24-hour doorman and a live-in superintendent. It also includes a new laundry facility on the lobby level and a landscaped rooftop deck with panoramic city views. Unlimited subletting is permitted after two years of ownership, and the building supports flexible ownership structures including pied-à-terre, co-purchasing, and gifting. Access to multiple subway lines is available nearby, with transportation throughout the area.
Key Highlights
- Approximately 975 SF loft‑style 1+ bedroom co‑op with soaring 12‑foot ceilings
- Oversized west‑facing windows for abundant natural light
- Chef’s kitchen with stainless steel appliances, dishwasher, and wine fridge
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
$30,505
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
3.41%
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%
$610,100
$610.1K
Cap Rate 7%
$435,786
$435.8K
Cap Rate 9%
$338,944
$338.9K
Market Conditions
NOI Build-Up for 975 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
$58.4K $59.88/SF
− Vacancy
−$2.9K −$2.99/SF
EGI
$55.5K $56.89/SF
− OpEx
−$25.0K −$25.60/SF
NOI
$30.5K $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%
$610,100
Cap Rate 7%
$435,786
Cap Rate 9%
$338,944
Alternative Uses
Best Use
Apartment 5plus
$435.8K
$381.3K – $508.4K
NOI $30,505 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.43M
$2.12M – $2.83M
NOI $169,884 @ 7.0% cap · market cap 18.98%
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
46,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Loft-style 1+ bedroom co-op with 12-foot ceilings, oversized west-facing windows, and full-service amenities including 24-hour doorman.
Where is this multifamily property located?
The property is located at 244 MADISON Avenue 16A New York City, NY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Approximately 975 SF loft‑style 1+ bedroom co‑op with soaring 12‑foot ceilings; Oversized west‑facing windows for abundant natural light; Chef’s kitchen with stainless steel appliances, dishwasher, and wine fridge
