Two-Bedroom Residence in Waterfront
For Sale
$899,999
280 Rector Place 8C, New York City, NY 10280
Corner two-bedroom condo with open views, a recently renovated galley kitchen, and full concierge-style services in a boutique building.
Property Size832 SF
Price / SF$1,081
Days on Market88
Property Features for 280 Rector Place 8C
General Information
Standard status
Active
Size
832 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$19,800
Amenities
doorman
live-in superintendent
fitness center
landscaped roof deck
resident lounge
children's playroom
dance studio
storage
bike storage
attached parking garage
Building Details
Building Size
832 SF
Year Built
1985
Listing Agency:
Howard Hanna NYC
(716) 725-9136
Listed By:
Andrew Klima
(716) 725-9136
Source:
Cbwarburg
Added: May 15
Changed: Aug 7
Last Checked: Aug 10 at 10:02AM
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 Howard Hanna NYC
Investment Insights
Based on property information with market context.
Residence 8C at 280 Rector Place is a two-bedroom corner home in The Soundings condo building, positioned with no immediate neighbors. The living and dining area opens to bright, welcoming space with open views and abundant natural light.
The recently renovated galley kitchen features stainless steel appliances, maple cabinetry, granite countertops, and generous storage. The oversized primary suite is designed for flexible use and measures over 24 feet in length, accommodating a king-sized bed along with a home office setup and additional living space. The ensuite bathroom has been updated with a marble-top vanity and glass shower doors. The second bedroom fits a queen-sized bed or can serve as a shared children’s room.
Residents enjoy a full-time doorman and live-in superintendent, plus on-site amenities including a fitness center, landscaped roof deck, resident lounge, children’s playroom, dance studio, storage, bike storage, and an attached parking garage. The building was built in 1985.
The recently renovated galley kitchen features stainless steel appliances, maple cabinetry, granite countertops, and generous storage. The oversized primary suite is designed for flexible use and measures over 24 feet in length, accommodating a king-sized bed along with a home office setup and additional living space. The ensuite bathroom has been updated with a marble-top vanity and glass shower doors. The second bedroom fits a queen-sized bed or can serve as a shared children’s room.
Residents enjoy a full-time doorman and live-in superintendent, plus on-site amenities including a fitness center, landscaped roof deck, resident lounge, children’s playroom, dance studio, storage, bike storage, and an attached parking garage. The building was built in 1985.
Key Highlights
- Corner unit with no immediate neighbors and open views
- Recently renovated galley kitchen with stainless steel appliances and granite countertops
- Primary suite over 24 feet long for flexible living and office use
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
$26,031
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
2.89%
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%
$520,620
$520.6K
Cap Rate 7%
$371,871
$371.9K
Cap Rate 9%
$289,233
$289.2K
Market Conditions
NOI Build-Up for 832 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
$49.8K $59.88/SF
− Vacancy
−$2.5K −$2.99/SF
EGI
$47.3K $56.89/SF
− OpEx
−$21.3K −$25.60/SF
NOI
$26.0K $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%
$520,620
Cap Rate 7%
$371,871
Cap Rate 9%
$289,233
Alternative Uses
Best Use
Apartment 5plus
$371.9K
$325.4K – $433.9K
NOI $26,031 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.07M
$1.81M – $2.42M
NOI $144,968 @ 7.0% cap · market cap 16.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
31,628
Businesses Nearby
Explore this area
Business Placement
Demographics for 10280, NY
8,993
Population
5,015
Households
1.8
Avg Household Size
38
Median Age
90%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
89,930
Density / Sq Mi
$206,250
Median Household Income
$131,677
Median Earnings
$3,501
Median Rent
$893,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner two-bedroom condo with open views, a recently renovated galley kitchen, and full concierge-style services in a boutique building.
Where is this residential income property located?
The property is located at 280 Rector Place 8C New York City, NY.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Corner unit with no immediate neighbors and open views; Recently renovated galley kitchen with stainless steel appliances and granite countertops; Primary suite over 24 feet long for flexible living and office use
