Gramercy Park Office
For Sale
$1,725,000
316 East 22Nd Street, New York, NY 10010
Full-floor commercial condo in prime Manhattan location.
Property Size3,102 SF
Price / SF$556.09
Days on Market174
Property Features for 316 East 22Nd Street
General Information
Standard status
Active
Size
3,102 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$18,336
Amenities
Central air
Eat-In kitchen
Great closet space
Storage space
Washer/dryer
Patio
Elevator
Walk-in closets
Building Details
Year Built
2000
Units
6
Listing Agency:
Park Avenue South
(646) 872-9700
Listed By:
Brian Morgan · License #10301202091
(646) 872-9700
Source:
Corcoran
Added: Mar 3
Changed: Aug 9
Last Checked: Aug 24 at 7:35AM
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 Park Avenue South
Investment Insights
Based on property information with market context.
Located in the heart of Gramercy Park, this full-floor commercial condominium at 316 East 22nd Street - Unit COMM1, offers a rare opportunity. The 3,102 square foot office unit occupies the first floor and cellar of a pre-war elevator building, originally constructed in 1910 and converted to condominium in 2009. The interior layout includes multiple private offices and consultation rooms, open workspaces, a reception area, a half bathroom, a private interior stairwell connecting both levels, mechanical and meter rooms, and accessory storage areas. Rear-facing windows provide natural light and ventilation. Features include hardwood floors, exposed brick, 9' ceilings, sheetrock ceilings with mounted lighting, a dedicated HVAC system, 110/220V electrical service, and a sprinkler system in the cellar. The 7-story mixed-use building is situated on a tree-lined block between First and Second Avenues. Transportation options include the 6 train, M23/M15/M101 buses, and the FDR Drive. The surrounding area features parks, restaurants, cafes, and retail. It is located close to major medical centers and the Midtown business district. The unit is suitable for medical, professional, or creative office use.
Key Highlights
- Prime Gramercy Park location in a prestigious and charming neighborhood.
- Spacious 3,102 square foot full‑floor commercial condominium.
- Ideal for medical, professional, or creative 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
$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
5.63%
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 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.72M
$6.76M – $9.01M
NOI $540,492 @ 7.0% cap · market cap 31.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Full-floor commercial condo in prime Manhattan location.
Where is this office units located?
The property is located at 316 East 22Nd Street New York, NY.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: Prime Gramercy Park location in a prestigious and charming neighborhood.; Spacious **3,102 square foot full‑floor commercial condominium.**; Ideal for medical, professional, or creative office use.
