Gramercy Park Multifamily
327 E 17th St New York, NY 10003
For Sale
Contact for pricing
Pending
Six-story, 10,208 SF elevator building in prime Gramercy location.
Property Size10,208 SF
Days on Market927
Property Features for 327 E 17th St
General Information
- Standard status
- Pending
- Size
- 10,208 SF
- Property subtype
- Multifamily
Listing Agency:
Cushman & Wakefield New York
(212) 660-7744
Listed By:
John Ciraulo · License #NY 10301211304
Source:
Crexi
Added: Jan 9, 2024
Changed: Jul 6
Last Checked: Jul 23 at 2:42PM
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 Cushman & Wakefield New York
Investment Insights
Based on property information with market context.
This 22-foot wide, six-story elevator building contains 10,208 square feet. Previously utilized by Beth Israel Hospital as a residential treatment facility, the building is currently vacant. The ground floor features offices and a lobby area, along with a back patio. Floors two through six each contain three one-bedroom units, with a shared one and a half bathroom. Each unit has two bedrooms in the front and one bedroom in the rear. The property is located on the north side of East 17th Street, between First and Second Avenues, in Manhattan’s Gramercy Park neighborhood, directly across from Stuyvesant Square Park. The location offers convenient access to the First Avenue L Subway Station, located two blocks away, and is a short walk from the 14th Street – Union Square Subway Station, providing access to the 4, 5, 6, and L Subway Lines. The property is situated near Gramercy Park, Friends Seminary School, and various restaurants and shopping options, at the convergence of Gramercy, Union Square, and the East Village.
Key Highlights
- Prime Gramercy Park location directly across from Stuyvesant Square Park, near top schools, restaurants, and shopping.
- 10,208 square foot, 6‑story elevator building with potential for various uses.
- Vacant building, ready for immediate renovation or repurposing.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $611.3k | $59.88 |
| − Vacancy | −$30.6k | −$2.99 |
| EGI | $580.7k | $56.89 |
| − OpEx | −$261.3k | −$25.60 |
| NOI | $319.4k | $31.29 |
10,208 SF · lease $59.88/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.56M
$3.99M – $5.32M
NOI $319,381 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$25.41M
$22.23M – $29.64M
NOI $1,778,642 @ 7.0% cap · market cap 35.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Birenbaum Ellen MD
Physician
Robert Mapplethorpe Residential
Charitable Organization
Former Residence of Composer ...
Resort
Mount Sinai Beth ...
Medical Clinic
FAQs
What type of property is this?
Apartment building - Six-story, 10,208 SF elevator building in prime Gramercy location.
Where is this apartment building located?
The property is located at 327 E 17th St New York, NY.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Prime Gramercy Park location directly across from Stuyvesant Square Park, near top schools, restaurants, and shopping.; 10,208 square foot, 6‑story elevator building with potential for various uses.; Vacant building, ready for immediate renovation or repurposing.
