Madison Avenue Co-op
For Sale
$10,000,000
29 E 72ND St 2, New York, NY 10021
Full-floor Upper East Side co-op near Central Park.
Property Size4,500 SF
Days on Market266
Property Features for 29 E 72ND St 2
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Residential
Building Details
Building Size
4,500 SF
Year Built
1917
Listing Agency:
Serhant
(917) 453-4526
Listed By:
Nile Lundgren
(917) 453-4526
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 12
Last Checked: Aug 21 at 8:10AM
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 Serhant
Investment Insights
Based on property information with market context.
Located on Madison Avenue, this Upper East Side co-op offers a full-floor space currently configured as an art gallery. The layout provides flexibility for conversion to a private residence, live-work loft, family office, or continued use as a cultural institution. Designed in 1917 by Rouse & Goldstone, the building exemplifies prewar architecture. The second-floor residence features multiple exposures and soaring proportions. Situated one block from Central Park and surrounded by boutiques, galleries, and museums, the location provides access to Manhattan's cultural and commercial offerings. This property presents an opportunity in a desirable Upper East Side location.
Key Highlights
- Prime Upper East Side location on Madison Avenue, one block from Central Park.
- Expansive, full‑floor layout offering flexible conversion options (residence, live‑work, office, gallery).
- Prestigious prewar building designed by Rouse & Goldstone.
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
$633,260
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
6.33%
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%
$12,665,200
$12.7M
Cap Rate 7%
$9,046,571
$9.0M
Cap Rate 9%
$7,036,222
$7.0M
Market Conditions
NOI Build-Up for 4,500 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
$1.06M $235.68/SF
− Vacancy
−$155.9K −$34.64/SF
EGI
$904.7K $201.04/SF
− OpEx
−$271.4K −$60.31/SF
NOI
$633.3K $140.72/SF
Area
New York, NY
Vacancy
14.70%
Lease Rate
$235.68 /SF/Yr
Expense Ratio
30.00%
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%
$12,665,200
Cap Rate 7%
$9,046,571
Cap Rate 9%
$7,036,222
Alternative Uses
Best Use
Retail
$9.05M
$7.92M – $10.55M
NOI $633,260 @ 7.0% cap · market cap 6.33%
Second Best
Mixed Use
$2.05M
$1.79M – $2.39M
NOI $143,438 @ 7.0% cap · market cap 1.43%
Theoretical Best
Specialty Retail
$11.20M
$9.80M – $13.07M
NOI $784,080 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,973
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10021, NY
45,691
Population
29,248
Households
1.6
Avg Household Size
41
Median Age
81%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
114,228
Density / Sq Mi
$156,712
Median Household Income
$99,886
Median Earnings
$3,002
Median Rent
$1,529,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Showroom - Full-floor Upper East Side co-op near Central Park.
Where is this showroom located?
The property is located at 29 E 72ND St 2 New York, NY.
What is the asking price?
The asking price for this property is $10,000,000.
What are key features of this property?
This property features: Prime Upper East Side location on Madison Avenue, one block from Central Park.; Expansive, full‑floor layout offering flexible conversion options (residence, live‑work, office, gallery).; Prestigious prewar building designed by Rouse & Goldstone.
