Residential Income Property with Private
For Sale
$2,250,000
300 E 59TH Street 2801/2802, New York City, NY 10022
Renovated double-corner residence with in-unit washer/dryer and four private terraces in a full-service building.
Property Size2,300 SF
Price / SF$978.26
Days on Market142
Property Features for 300 E 59TH Street 2801/2802
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
private terraces
washer/dryer
24-hour doorman
porter
live-in resident manager
roof terrace
laundry facilities on every floor
pet-friendly
Building Details
Building Size
2,300 SF
Year Built
1974
Listing Agency:
The Agency Brokerage
Listed By:
Anna Vlas
(212) 235-1123
Source:
Carytamura
Added: May 7
Changed: Sep 12
Last Checked: Sep 24 at 6:57PM
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 The Agency Brokerage
Investment Insights
Based on property information with market context.
Double corner co-op residence in a full-service building offering 2,300 square feet of renovated living space and four private terraces. The home is currently configured as a three-bedroom residence with a dedicated office/workspace and 2.5 bathrooms, with the option to convert to a four-bedroom layout. Oversized windows and the south, east, and west exposures provide natural light throughout the day, while a seamless living and dining flow supports everyday comfort and entertaining.
The interior features brand-new oak floors throughout. The semi-open kitchen includes a spacious breakfast bar, ample cabinetry, luxury appliances by Bertazzoni and Bosch, and a wine fridge. All bathrooms have been newly renovated, and the powder room includes an in-unit washer and dryer.
The Landmark is a full-service building with 24-hour doorman, porter, and a live-in resident manager, plus a landscaped roof terrace with 360-degree city views. The co-op is pet-friendly and permits pied-a-terre purchase, while subletting is not allowed. Centrally located at 300 East 59th Street, it is a short walk from the N, Q, R, W, 4, 5, and 6 trains and both the downtown and uptown express buses. Built in 1974.
The interior features brand-new oak floors throughout. The semi-open kitchen includes a spacious breakfast bar, ample cabinetry, luxury appliances by Bertazzoni and Bosch, and a wine fridge. All bathrooms have been newly renovated, and the powder room includes an in-unit washer and dryer.
The Landmark is a full-service building with 24-hour doorman, porter, and a live-in resident manager, plus a landscaped roof terrace with 360-degree city views. The co-op is pet-friendly and permits pied-a-terre purchase, while subletting is not allowed. Centrally located at 300 East 59th Street, it is a short walk from the N, Q, R, W, 4, 5, and 6 trains and both the downtown and uptown express buses. Built in 1974.
Key Highlights
- 2,300 square feet of renovated living space
- Four private terraces plus 360‑degree city views from the roof terrace
- Double corner unit with oversized windows and south, east, and west exposures
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
$71,961
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
3.20%
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%
$1,439,220
$1.4M
Cap Rate 7%
$1,028,014
$1.0M
Cap Rate 9%
$799,567
$799.6K
Market Conditions
NOI Build-Up for 2,300 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
$137.7K $59.88/SF
− Vacancy
−$6.9K −$2.99/SF
EGI
$130.8K $56.89/SF
− OpEx
−$58.9K −$25.60/SF
NOI
$72.0K $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%
$1,439,220
Cap Rate 7%
$1,028,014
Cap Rate 9%
$799,567
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.5K – $1.20M
NOI $71,961 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.73M
$5.01M – $6.68M
NOI $400,752 @ 7.0% cap · market cap 17.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
40,089
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated double-corner residence with in-unit washer/dryer and four private terraces in a full-service building.
Where is this residential income property located?
The property is located at 300 E 59TH Street 2801/2802 New York City, NY.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 2,300 square feet of renovated living space; Four private terraces plus 360‑degree city views from the roof terrace; Double corner unit with oversized windows and south, east, and west exposures
