Full-Floor Office
For Sale
Contact for pricing
316 E 22nd St, New York, NY 10010
Private offices, open work areas, dedicated HVAC, and individually metered electrical service support varied workplace layouts.
Property Size3,102 SF
Price / SF$577.05
Days on Market25
Property Features for 316 E 22nd St
General Information
Standard status
Active
Size
3,102 SF
Elevators
Yes
Property subtype
OFFICE
Additional Details
Floor
First Floor and Cellar
Sprinkler System
Yes
Office Units
1
Amenities
hardwood floors
exposed brick
9' ceilings
sheetrock ceilings with mounted lighting
dedicated HVAC system
110/220V electrical service individually metered
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Corcoran
(646) 872-9700
Listed By:
Brian Morgan · License #10301202091
Source:
Moodyscre
Added: Jul 30
Changed: Aug 15
Last Checked: Aug 23 at 10:23AM
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 Corcoran
Investment Insights
Based on property information with market context.
This office condominium occupies the first floor and cellar of a pre-war elevator building at 316 E 22nd St. The 3,102-square-foot unit includes multiple private offices and consultation rooms, open work areas, a reception area, a half bathroom, accessory storage, and mechanical and meter rooms. A private interior stairwell connects the two levels. Rear-facing windows provide natural light and ventilation, while hardwood floors, exposed brick, 9' ceilings, sheetrock ceilings with mounted lighting, and a dedicated HVAC system define the interior finish and infrastructure. Electrical service is 110/220V and individually metered, and the cellar includes a sprinkler system.
The building was originally constructed in 1910 and converted to condominium ownership in 2009. The property is located in Gramercy Park in Manhattan, with the address identifying the unit as COMM1.
The building was originally constructed in 1910 and converted to condominium ownership in 2009. The property is located in Gramercy Park in Manhattan, with the address identifying the unit as COMM1.
Key Highlights
- 3,102‑square‑foot office condominium spanning the first floor and cellar
- Multiple private offices, consultation rooms, open workspaces, and reception area
- Private interior stairwell connects the first‑floor and cellar levels
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
$97,132
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
5.43%
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%
$1,942,640
$1.9M
Cap Rate 7%
$1,387,600
$1.4M
Cap Rate 9%
$1,079,244
$1.1M
Market Conditions
NOI Build-Up for 3,102 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
$159.7K $51.48/SF
− Vacancy
−$30.2K −$9.73/SF
EGI
$129.5K $41.75/SF
− OpEx
−$32.4K −$10.44/SF
NOI
$97.1K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$1,942,640
Cap Rate 7%
$1,387,600
Cap Rate 9%
$1,079,244
Alternative Uses
Best Use
Office B
$1.39M
$1.21M – $1.62M
NOI $97,132 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.72M
$6.76M – $9.01M
NOI $540,492 @ 7.0% cap · market cap 30.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
44,938
Businesses Nearby
Explore this area
Business Placement
Demographics for 10010, NY
33,991
Population
19,014
Households
1.8
Avg Household Size
35
Median Age
81%
College-Educated
97%
High-School Grad
0.4 sq mi
ZIP Area
84,978
Density / Sq Mi
$156,127
Median Household Income
$109,691
Median Earnings
$3,113
Median Rent
$1,037,900
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?
Office units - Private offices, open work areas, dedicated HVAC, and individually metered electrical service support varied workplace layouts.
Where is this office units located?
The property is located at 316 E 22nd St New York, NY.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: 3,102‑square‑foot office condominium spanning the first floor and cellar; Multiple private offices, consultation rooms, open workspaces, and reception area; Private interior stairwell connects the first‑floor and cellar levels
