Residential Income Property with
New
For Sale
$2,100,000
400 E 56th Street 19CD, New York City, NY 10022
Combined cooperative residence offers adaptable living areas, private outdoor space, and extensive building amenities in Sutton.
Property Size2,300 SF
Price / SF$913.04
Days on Market4
Property Features for 400 E 56th Street 19CD
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
fitness center
laundry room
garage
package room
bicycle storage
Skytop recreational lounge
heated outdoor swimming pool
outdoor deck
private balconies
Building Details
Year Built
1968
Listing Agency:
Compass
Listed By:
Anne E Graber
(917) 561-5120
Source:
Cbwarburg
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 2 at 9:15PM
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 Compass
Investment Insights
Based on property information with market context.
Residence 19CD combines two apartments into approximately 2,300 square feet of living space, with a layout that can accommodate up to four bedrooms and three bathrooms. The home includes a foyer, large living room, dining area, windowed eat-in kitchen, primary suite with five built-in closets, marble bathroom, additional bedrooms, and two private balconies. Several rooms offer flexibility for reconfiguration, including conversion of the dining area or third bedroom into alternate living or entertaining space.
Plaza 400 is a 1968 white-glove cooperative with a fitness center, laundry room, garage, package room, bicycle storage, and a rooftop recreational lounge. The top floor also includes a heated outdoor pool and furnished deck with views across the Manhattan skyline. The building is pet-friendly and permits guarantors, co-purchasing, trust ownership, parents purchasing for children, and pieds-a-terre. The property is near Midtown shopping, the East River Greenway, subway and bus service, Whole Foods Market, Trader Joe’s, and neighborhood restaurants.
Plaza 400 is a 1968 white-glove cooperative with a fitness center, laundry room, garage, package room, bicycle storage, and a rooftop recreational lounge. The top floor also includes a heated outdoor pool and furnished deck with views across the Manhattan skyline. The building is pet-friendly and permits guarantors, co-purchasing, trust ownership, parents purchasing for children, and pieds-a-terre. The property is near Midtown shopping, the East River Greenway, subway and bus service, Whole Foods Market, Trader Joe’s, and neighborhood restaurants.
Key Highlights
- Approximately 2,300 square feet with up to four bedrooms and three bathrooms
- Two private balconies with views toward the 59th Street Bridge, Chrysler Building, and downtown Manhattan skyline
- Primary suite includes five built‑in closets and an oversized marble bathroom
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
3.43%
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%
$1,439,220
$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 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.73M
$5.01M – $6.68M
NOI $400,752 @ 7.0% cap · market cap 19.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
27,619
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Combined cooperative residence offers adaptable living areas, private outdoor space, and extensive building amenities in Sutton.
Where is this residential income property located?
The property is located at 400 E 56th Street 19CD New York City, NY.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Approximately 2,300 square feet with up to four bedrooms and three bathrooms; Two private balconies with views toward the 59th Street Bridge, Chrysler Building, and downtown Manhattan skyline; Primary suite includes five built‑in closets and an oversized marble bathroom
