High-Floor Two-Bedroom
For Sale
$1,595,000
400 56TH ST, New York, NY 10022
Two-bedroom, two-bath cooperative home with balcony access and renovated kitchen and bath in a fully staffed building.
Property Size1,489 SF
Price / SF$1,071
Days on Market218
Property Features for 400 56TH ST
General Information
Standard status
Active
Size
1,489 SF
Property subtype
Apartment
Amenities
Skytop Club with sundecks and outdoor pool and lounge
modern fitness center
resident lounge
children's playroom
valet garage
24-hour concierge/mail desk
A/C - Zone
3
Balcony
River, City, Bridge View
Building Details
Year Built
1969
Listing Agency:
Brown Harris Stevens Brooklyn LLC
(212) 381-3232
Listed By:
Peter Grazioli
(718) 613-2015
Source:
Xome
Added: Jan 4
Changed: Aug 10
Last Checked: Aug 10 at 2:58AM
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 Brown Harris Stevens Brooklyn LLC
Investment Insights
Based on property information with market context.
Located at Plaza 400 in the Sutton Place neighborhood, this high-floor two-bedroom, two-bath cooperative residence offers an open flow from the entrance foyer through the living, dining, and kitchen areas. The layout features ensuite bedrooms positioned on opposite sides for privacy, along with a balcony for outdoor space. The primary suite includes a newly renovated bath with a walk-in shower, a custom dressing room, and two oversized walk-in closets. The kitchen has also been newly renovated and includes stainless steel appliances.
The building is fully staffed, with a 24-hour concierge/mail desk, and offers amenities including the Skytop Club with sundecks, an outdoor pool, and lounge areas, along with a modern fitness center, resident lounge, and a children’s playroom. Residents also have access to valet garage services with reduced fees.
Overall, the unit presents a renovated, light-filled interior with well-separated bedrooms and building-supported convenience through 24-hour staffing and on-site amenities.
The building is fully staffed, with a 24-hour concierge/mail desk, and offers amenities including the Skytop Club with sundecks, an outdoor pool, and lounge areas, along with a modern fitness center, resident lounge, and a children’s playroom. Residents also have access to valet garage services with reduced fees.
Overall, the unit presents a renovated, light-filled interior with well-separated bedrooms and building-supported convenience through 24-hour staffing and on-site amenities.
Key Highlights
- Approx. 1,500 sq. ft. high‑floor 2BR/2BA cooperative with balcony access and light, city, and river views
- Newly renovated primary suite bath with walk‑in shower, custom dressing room, and two oversized walk‑in closets
- Newly renovated kitchen with high‑end stainless steel appliances
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
$46,587
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
2.92%
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%
$931,740
$931.7K
Cap Rate 7%
$665,529
$665.5K
Cap Rate 9%
$517,633
$517.6K
Market Conditions
NOI Build-Up for 1,489 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
$89.2K $59.88/SF
− Vacancy
−$4.5K −$2.99/SF
EGI
$84.7K $56.89/SF
− OpEx
−$38.1K −$25.60/SF
NOI
$46.6K $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%
$931,740
Cap Rate 7%
$665,529
Cap Rate 9%
$517,633
Alternative Uses
Best Use
Apartment 5plus
$665.5K
$582.3K – $776.5K
NOI $46,587 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.71M
$3.24M – $4.32M
NOI $259,443 @ 7.0% cap · market cap 16.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39,600
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two-bedroom, two-bath cooperative home with balcony access and renovated kitchen and bath in a fully staffed building.
Where is this multifamily property located?
The property is located at 400 56TH ST New York, NY.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Approx. 1,500 sq. ft. high‑floor 2BR/2BA cooperative with balcony access and light, city, and river views; Newly renovated primary suite bath with walk‑in shower, custom dressing room, and two oversized walk‑in closets; Newly renovated kitchen with high‑end stainless steel appliances
